Gulf shoppers are becoming more cost-conscious, less brand-loyal and rapidly shifting purchasing behaviours, according to a new survey.
The 2018 Middle East Sentiment Survey by McKinsey & Company revealed that 55 percent of consumers are now actively looking for savings across markets, with those in Saudi Arabia leading the pack.
They are finding creative ways to spend less and more actively considering alternative brands than in previous years, the survey said.
Among the survey’s findings, almost 35 percent of consumers now look to buy their preferred brands at any cost instead of trying out alternative brands at cheaper prices. This is down from almost 45 percent in April 2017.
The survey also revealed that 78 percent of consumers in the region changed their buying habits to save money. Multichannel shoppers have cut spending in all channels and increasingly favour discount formats and chain grocery stores.
Saudi and UAE consumers felt they were forced, over the last two years, to make adjustments to their spending habits and now feel more confident about spending disposable income, in order to regain some of their lost purchasing power. More
By Staff arabianbusiness.com