UAE consumers turn cautious amid high inflation and will start cutting back discretionary spending, reveals new survey

UAE consumers turn cautious amid high inflation and will start cutting back discretionary spending, reveals new survey

- Other areas likely to see major reductions are eating out, weekend activities and luxury spending

- Not all bad news as most consumers will continue to spend money on holidays, new cars, mobile/ broadband/ TV / OTT subscriptions, beauty/ grooming products, gym membership, home furniture and electronics

As global inflation soars, consumers in the UAE plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next three months, according to the latest survey conducted on 880 respondents in the UAE by Dubai based consultancy Insight Discovery, on behalf of the global life assurance company Friends Provident International (FPI), a business regulated by the Central Bank UAE

Asked which areas they will reduce their spending over next 3 months in view of the rising prices, 26 percent of those polled cited clothes as the top area to make the reductions. The next highest-ranking issue, named by 15 percent of respondents, were petrol expenses. A further 9 percent of residents believe weekend activities, dining out and luxury products as the top three areas to make cutbacks in the next three months.

In terms of gender, women (31 percent) as opposed to just 24 percent of men, expressed they would reduce expenses