UAE tops the list among saving-conscious consumers

The UAE consumers tops the list of savers with 47 percent of consumers planning to save more, followed by 44 percent in Qatar. On the contrary, Egypt has the highest percentage of consumers who have the least saving mentality (63 percent).

Economic uncertainty and the need to foresee emergency expenditures are among the main reasons that the consumers in the Middle East and Levant plan to increase their saving levels during the next six months.

The MasterCard Survey threw light on the savings’ mentality of 2600 consumers in six markets for the next six months. The survey revealed that 87 percent of younger consumers in Saudi Arabia, and those aged 30 and below, have been planning to either save the same amount or more in the next six months, in comparison to those aged between 30-45 (85 percent), 46-55 (73 percent) and 56 and above (78 percent).

Apart from storing for emergencies, the other main reasons for saving mentality among consumers in Saudi Arabia are to purchase property (64 percent), purchasing vehicles (60 percent) and buying consumer electronics (55 percent). The main reason for saving less among Saudi consumers was high inflation, the survey points out. In Kuwait, about 68 percent of consumers agree that the economic uncertainty has compelled them to increase their savings level, while 83 percent in Qatar and 84 percent in UAE agreed that they plan to save owing to economic uncertainty.

Posted on 18/9/2009

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