UAE professionals positive about future job options, personal finances

Dubai / Emirates Business

Visa Inc. — a global payments technology company — has announced results of the Professionals Study conducted in the UAE. The study is part of a global research by Visa that looks at consumer spending habits, priorities and optimism about the future.
The UAE study, based on responses from UAE citizens and residents aged 18-to-55 who hold at least one payment card, revealed that more than half of UAE professionals are optimistic about future employment opportunities and personal finances, and believe the country’s economic situation will improve in the coming 12 months.
The study showed that UAE professionals prioritize their children’s education (65%), spending time with family (57%) and staying healthy (52%). Younger professionals (aged between 18 and 29) also want to increase personal income and save for the future.
Ihab Ayoub, Visa General Manager for the Middle East and North Africa region, said: “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 about future employment opportunities and personal income.”
The study showed that 25 per cent of UAE 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 in the age group 18-to-29, as well as those who earn more than AED 35,000 per month, are more inclined towards luxury as a display of status and a way of enjoying exclusive products .
Individuals focused on quality prefer products that are long-lasting and durable, and the choice of luxury goods for them is always practical. These professionals are likely to hold between 1-to-2 credit and debit cards on average. They are likely to compare prices and reviews before making a purchase, and spend higher amounts on food and dining, clothing, personal care and investments.
Status seekers use products that are often endorsed by celebrities and use wealth to buy more items they personally desire. They believe luxury is a sign of social standing and enjoy attracting attention from their peers. These professionals are more likely to be 18-to-29 years old who are not yet married. They are more inclined towards Visa Classic credit cards and spend more frequently on designer clothes, furniture, holidays and electronics.
UAE professionals spend most often on entertainment, nights out, and fine dining apart from groceries and household items, with the average overall spend as high as AED 11,000 per month . But, the study also showed that saving is important for UAE professionals – with nearly 80 per cent putting aside approximately AED 6,000 per month for discretionary spending.
UAE professionals are digitally engaged, frequently using social-networking sites and other online services such as video streaming sites, and they also use the Internet to make online purchases. This has translated to greater online bill payments and shopping for cinema tickets and fashion and beauty products, and has placed UAE professionals among the leaders in e-Commerce in the region, according to the study findings.
Professionals aged 18-to-29 are more likely to view card usage as advantageous over cash and are most likely to purchase products on mobile devices. Convenience, security, acceptance at merchants and rewards are among the main drivers of digital payments.