Dubai: Many Emirati youth said a general labelling that they [Emiratis] are the biggest spenders in the country is "unfair", especially since this labelling does not consider several factors.
Obaid Al Merri, 24, a government employee, said Emiratis spend more because the prices of products they buy are usually higher than those offered to other nationalities.
"Obviously when you compare the amounts of money we pay for goods with what other nationalities pay for the same goods, you will see a big difference. There is a notion that all Emiratis are rich and they will pay whatever amount the shopkeeper will ask for, but others will usually bargain. Even if we bargain, the reduction in prices [are] usually nothing compared to the original price," Al Merri said.
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A 25-year-old investor, Ali Al Attar, said the UAE, being an open and competitive market with the latest products compared to other markets, could be a reason why the youth spend more. "For instance, if I buy a mobile phone, in two months there will be another latest model which is a better and more advanced version of the one I have, I will be then lured to get it," Al Attar said.
He added loans from banks also play a major role in luring young people to get easy money.
How to fight the urge to splurge:
