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20 April 2024

Economic downturn fails to affect Arab spending

By Staff Writer

While retailers felt the decline in romance on the Valentine Day, an independently conducted research conveyed a contrasting mood of Arabs when it came to spending on their loved ones.

According to Maktoob Research's third annual Valentine's Survey men and women in the Arab world have no qualms when it comes to digging into their pockets to express their love for that special someone in their life, wether it is economic downturn or no economic downturn.

Even as a significant number of respondents remained undecided as to whether they indeed would spend on gifts this Valentine's, 27 per cent said they were willing to spend $50 (Dh183) and below on gifts for their loved ones, while 15 per cent were willing to spend $50-$100. Six per cent of respondents said they would spend between $100 and $150 on their sweethearts, while eight per cent were willing to spend in excess of $150, with only a mere four per cent saying they did not intend to spend on gifts.

The romantic at heart who dared to buy gifts in times of financial crisis remained a small number of 19 per cent only. The survey was conducted from February 2 to 8 among Arabs of different nationalities who are either married or involved in a serious relationship.