UAE shoppers can save an additional AED 500M this holiday season: Report

By Nikita Bameta
November 24, 2022, Updated on : Wed Nov 30 2022 12:41:48 GMT+0000
UAE shoppers can save an additional AED 500M this holiday season: Report
According to Redseer, 60 percent of UAE respondents plan to shop this season. Out of which, 71 percent are expected to spend more compared with 2021.
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According to a report by RedSeer Consulting, in partnership with XARE, this year's holiday sales season projects an opportunity for United Arab Emirates (UAE) shoppers to save an additional AED 500 million. The end-of-year shopping will bring in $350 billion in global sales.


The study stated 60% of the UAE respondents are planning to shop this holiday season, of which close to 71% are expected to spend more compared with 2021.


Abhishek Rajput, Senior Consultant at Redseer, stated, “The Black Friday shopping season continues to be the busiest of the year with brands offering unparalleled discounts. Shoppers can save nearly $25 billion globally by availing of the bank offers on sales.


"This is especially significant in the current landscape where people are feeling strong inflationary pressures. In this scenario, wealth sharing is a convincing solution, and fintech innovation now makes it possible for people to share their financial assets," he added.


All online and offline stores are now offering better deals and discounts, along with special bank promotions. Online shoppers in the region have shown an inclination towards credit card payments, driven by lucrative bank offers, especially during the holiday sale season.


Also, a combination of extra discounts, special deals, cashback, reward points, and add-on services, will reportedly add savings on credit card payments. However, a majority of these card savings will be absent for customers who do not have access to the relevant cards.  


Xare, a mobile-based finance platform, allows the sharing of credit and debit cards among families and communities. 


Padmini Gupta, CEO-Co-Founder of Xare, said card sharing is an ingenious way to maximise saving this holiday season. “This is an exciting time for shoppers in the UAE who enjoy three whole months of back-to-back sales culminating in the DSF every year. With Xare, shoppers get the freedom to use a friend’s bank card with the best offers for the sale season,” she added.


She said that a card owner also benefits as the volume of transactions on their card grows, they can earn more cashback or rewards, discounts on their next purchase, or the chance to upgrade to a higher tier to enjoy more benefits.  


Edited by Saheli Sen Gupta