Almost 75 per cent of GCC residents will postpone purchases in anticipation of special offers and promotions during Ramadan and Eid despite intending to spend more this year compared to 2022, according to a report by Mena insurance provider GIG Gulf.
Sixty-six per cent of respondents trust the recommendations of friends and family, selecting insurers based on their loved ones’ endorsements, the study reveals.
The research proposes that the trends are prompted by inflation concerns and are augmented by the revenge shopping phenomenon, with nearly half of GCC residents expecting to pay more for Eid gifts than last year.
However, a majority is expected to hold out for Ramadan in-store events and special offers before making their purchases.
Overall, the studies highlight the value placed on love, education and memories over material wealth by GCC residents.
The research also unveils how 53 per cent of respondents enjoy pampering themselves with luxurious experiences during Ramadan.
The GIG Gulf’s findings are based on two separate research pieces carried out to analyse consumer behaviour during the festive seasons of Ramadan and Eid. One study was commissioned by GIG Gulf and carried out by YouGov, while the other was commissioned by provider of market research and consumer insights Toluna.
