A research conducted by Yalla Compare’s Consumer Confidence Trackers has revealed interesting things. Researching into the consumer mood relating to money matters, this research has surveyed 1000 UAE residents for the second quarter of 2019. This tracker has been YallaCompare’s initiation since 2018, delving into the consumer mood related to expenditure and savings.
The survey indicates that an approximate 58 percent of UAE residents saved less money than they did a year ago. In quarter one, only 53.6 percent said the same thing. This indicates a dip in the number of people saving in the UAE.Fewer People Saving Money In UAE
Another significant consumer trend has been that of the number of people saving with respect to the amounts. There was a visible drop in the number of people saving money less than AED 999 from 50.6% in Q1 to 47.7% in Q2. Contrastingly, the number of people saving money in the brackets of AED 1000- AED 1999, AED 2000- AED 2999 as well as more than AED 5000, increased.
So it’s important to note that people traditionally saving smaller amounts have experienced a decline in their ability to save, whereas the ones with more significant savings have shot up.
No Significant Decline In Rent Expenditures Despite Falling Rents In Q2
The Consumer Confidence Tracker also reveals that more than 70 percent of UAE residents are still shelling out same or more rent vis a vis the previous year. Surprisingly, this comes despite a significant drop in rental rates of Dubai apartments. According to the survey, rents have dropped by about 5 percent since 2018. However, 33.1% of respondents say they are paying more rents than they did last year.
What’s interesting is, despite the anomalies of the rental market, 67.3 percent of respondents do not plan to move houses next year. The CFO of YallaCompare urges residents in the UAE to negotiate better with their landlords to save more.
Are we wondering what could be done differently to save more in UAE? We have a list for you here to help you save up the extra pennies.