Middle East Professionals Cut Costs

All work and no play makes professionals in the Middle East a sad constituency but according to Bayt.com’ s latest HR Survey completed in conjunction with research specialists YouGov, entertainment expenditures have been sharply curtailed in the Middle East as professionals have retrenched and sought to cut costs during the recession.Shopping must be one of the region’s favorite activities with the sprawling world-class malls that include every amenity, however according to Bayt.com’s latest HR research, this pastime has been going through an awkward phase lately: with all the doom and gloom that the global economic downturn has brought, it seems both men and women are finding themselves compelled to think twice before spending money on luxury rather than necessity.

Bayt.com’s most recent “Surviving the Recession” Research Report has shed some very interesting light on the struggle of Middle Eastern Consumers during the recession, the feelings it has evoked in them, the effects it has had on their health, their families’ health, their financials, and the measures they have resorted to in order to guarantee survival through these turbulent times. Cutting down on spending has been without a doubt the option most Middle East consumers have resorted to, with an overwhelming 43% of participating respondents stating they have cut down on their spending in general, 7% shifting to smaller houses to save cost and another 7% shifting to cheaper areas.

Purchasing behavior according to Bayt.com ’s Spending Habits in the Recession HR Survey has witnessed a drastic change across all participating Middle Eastern Countries.

Overview

Vis- à- Vis entertainment activities 46 % of total respondents (working professionals in the Middle East) have cut down on all entertainment activities while the activity of only 22% of the Middle East’s professionals remained unchanged. ( The country that has most cut down spending on Entertainment activities is Bahrain- at 57% - followed very closely by the UAE – at 56%)

Vis- à- Vis dining out 45% of respondents have lessened their dining-out activities while 21% did not feel the urgency to lessen or stop and have carried on with at usual rate. (The country that has most cut down spending on dining out is Bahrain- at 61% - followed by Lebanon - at 57%)

Vis- à- Vis Shopping for Oneself 43% of the Middle East’s professionals across all industries have cut down on shopping for clothes, shoes and bags while 23% have not changed their “shopping for oneself” habits. ( The country that has most cut down spending on shopping in this category is the UAE- at 51% - followed by Jordan- at 49%)

Vis- à- Vis Vacations/ Holidays 40% of total respondents have cut down on their vacation/ holiday spending, probably preferring to use the money for more vital matters, while the vacation/ holiday habits of a mere 19% of consumers remained unchanged. (The country that has most cut down spending on Vacations/ Holidays is Bahrain - at 50%- followed by Lebanon - at 49%)

Vis- à- Vis Home Furniture and furnishings 36% have cut down their spending on home furniture and furnishings while 19% felt they need not change their “shopping for home” habits. (The country that has most cut down spending on buying Home Furniture and Furnishings is UAE- at 46%- followed by Bahrain- at 41%)

Highlights of Most affected areas of spending in the UAE

56% of UAE Professionals have cut down on Dining Out 55% of UAE Professionals have cut down on Entertainment Activities 51% of UAE Professionals have cut down on Shopping for Oneself 47% of UAE Professionals have cut down on Vacations/ Holidays 47% of UAE Professionals have cut down on buying Consumer Electronics.

Highlights of Most affected areas of spending in KSA

43% of KSA’s Professionals have cut down on Dining out 43% of KSA’s Professionals have cut down on Entertainment Activities 39% of KSA’s Professionals have cut down on Shopping for Oneself 37% of KSA’s Professionals have cut down on Vacations/ Holidays 34% of KSA’s Professionals have cut down on Home Furniture

Highlights of Most affected areas of spending in Kuwait

47% of Kuwait’s Professionals have cut down on Entertainment Activities 43% of Kuwait’s Professionals have cut down on Dining Out 43% of Kuwait’s Professionals have cut down on Vacations/ Holidays 43% of Kuwait’s Professionals have cut down on Shopping for Oneself 29%of Kuwait’s Professionals have cut down on buying Consumer Electronics.

Highlights of Most affected areas of spending in Qatar

46% of Qatar’s Professionals have cut down on Entertainment Activities 44% of Qatar’s Professionals have cut down on Dining Out 41% of Qatar’s Professionals have cut down on Shopping for Oneself 39% of Qatar’s Professionals have cut down on Home Furniture 38% of Qatar’s Professionals have cut down on Vacations/ Holidays

Highlights of Most affected areas of spending in Lebanon

>57% of Lebanon’s Professionals have cut down on Dining Out 55% of Lebanon’s Professionals have cut down on Entertainment Activities 49% of Lebanon’s Professionals have cut down on Vacations/ Holidays 45% of Lebanon’s Professionals have cut down on shopping for Oneself 44% of Lebanon’s Professionals have cut down on Sports/ Club Memberships

Highlights of Most affected areas of spending in Jordan

52% of Jordan’s Professionals have cut down on Entertainment Activities 51% of Jordan’s Professionals have cut down on Dining Out 49% of Jordan’s Professionals have cut down on Shopping for Oneself 48% of Jordan’s Professionals have cut down on Vacations/ Holidays 38% of Jordan’s Professionals have cut down on Consumer Electronics

Highlights of Most affected areas of spending in Egypt

48% of Egypt’s Professionals have cut down on Entertainment Activities 47% of Egypt’s Professionals have cut down on Dining out 44% of Egypt’s Professionals have cut down on Shopping for Oneself 42% of Egypt’s Professionals have cut down on Vacations/ Holidays 34% of Egypt’s Professionals have cut down on Consumer Electronics