UAE survey reveals increase in spending by 14 %
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In a recent survey, overall spending in the UAE has increased by 14% as compared to last Ramadan.
This was a report by Network International which was based on credit or debit card transactions by country during Ramadan 2015. The major surge came from stronger domestic market spends with a 17% growth in spending, while international spends also witnessed overall growth of seven percent. During Ramadan, domestic spend on UAE issued credit and debit cards was 75% of total spending.
David Mountain, chief commercial officer, Network International said: “Domestic spend of locals and expatriates based in UAE becomes particularly important during these months. Network International’s data provides retailers and businesses insight and guidance while formulating marketing and sell strategies.”
North Americans were seven percent of total spend and GCC were three percent, and their spend increases grew in line with domestic spend. The rest of world spend, which is 15% of total spend was flat, driven by significant shrinking from Russians (down 30%), the Chinese (down 22%) and the Germans (down eight percent). The UK and Saudis had the largest growth among foreign spend. Nigerians represented three percent of foreign spend (one percent of total) breaking into the top 10 nationalities for the first time.
In the hotel sector, spending growth was a five percent, and almost half of this spend came from UAE residents taking advantage of Ramadan packages for domestic travel. This domestic tendency was even more pronounced in restaurants, who saw domestic spend accounting for 83% of the total spend.
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