Dubai: More than half of UAE professionals are optimistic about future employment opportunities and personal finances, according to a study by Visa, the global payments technology company.
The Visa Professionals Study, based on responses from UAE citizens and residents aged 18-to-55 who hold at least one payment card, showed that more than half of professionals believe the country’s economic situation will improve in the coming 12 months.
UAE professionals prioritise their children’s education, with 65 per cent, spending time with family (57 per cent) and staying healthy (52 per cent). Younger professionals (aged between 18 and 29) also want to increase personal income and save for the future, according to the study.
“The Visa Professionals Study highlights a strong correlation between outlook on the global economy and the expectation for spending on discretionary items such as holidays and nights out. Confidence in the UAE’s economy generally goes up in line with increasing confidence,” stated Ihab Ayoub, Visa General Manager for the Middle East and North Africa region.
UAE professionals spend mostly on entertainment, nights out, and fine dining apart from groceries and household items, with the average overall spend as high as Dh11,000 per month. Credit cards are more commonly used when buying big ticket items, such as luxury weekends, designer clothes and jewellery, the study suggested.
However, nearly 80 per cent put aside approximately Dh6,000 per month for discretionary spending.
An average of 90 per cent of UAE professionals spend on everyday things like groceries and household items (92 per cent), fast food (89 per cent) and casual dining (89 per cent) about once a week.
In the UAE, 25 per cent of professionals are driven by status, 23 per cent by quality and 20 per cent by exclusivity, followed by experience (14 per cent) and brand association (18 per cent) in acquiring luxury items.
Professionals aged between 18 and 29, as well as those who earn more than Dh35,000 per month, are more inclined towards luxury as a display of status and a way of enjoying exclusive products, while those focused on quality prefer products that are long-lasting and durable.
Meanwhile, UAE professionals frequently use social-networking sites and other online services such as video streaming sites, as well as the internet to make online purchases. They are increasingly shopping for cinema tickets and fashion and beauty products.
Professionals aged 18-to-29 are most likely to purchase products on mobile devices. The main drivers of digital payments include convenience, security, acceptance at merchants and rewards, according to the study.
UAE professionals are also among the most frequent travellers in the Middle East, having taken on average 1-2 overseas trips in the past six months.
South and Southeast Asia and Middle Eastern countries are top destinations, with many also travelling to Europe and the United States.
Three in five UAE professionals travel abroad, mostly for leisure rather than business. They spend mainly on travel packages, airline tickets, accommodation and shopping.
