Uncovering UAE Consumer Spending Attitudes in The Pandemic

SourceDubai Chronicle
SectorRetail
CountryUAE

Study shows more than 70% of consumers prefer cashless payment options for a major part of their monthly spending Abu Dhabi-based innovative fintech enterprise PayBy has released its first study of the UAE consumer payments landscape, conducted in association with Kantar. The study included a diverse sampling of UAE consumers to evaluate their attitudes to spending, saving and modes of payment in light of the coronavirus pandemic. The PayBy study revealed that the numbers of the unbanked – those with no access to a bank account – have shrunk in the UAE. An overwhelming majority of the respondents (94%) use banking products or services in some form. This is slightly reduced to 87% among lower income groups and those earning below AED 5,000 per month. According to the PayBy study, the majority of consumers have pivoted to cashless payments as a more hygienic, safe and secure option in the pandemic environment. Across cohorts, the major spends of monthly income were on groceries (20%), house rent (15%), utilities (11%) and eating out (9%).

The PayBy study found ...read more...