Echo Trends' Latest Report Reveals Dubai Consumers' Brand Preferences
HSBC Leads Banking Sector; Nissan is Top Choice Among Car Brands
Dubai, UAE - January 20 2010 - Majority of Dubai residents have not drastically changed their spending behavior despite the economic downturn, according to a comprehensive survey recently completed by Echo Trends, the Dubai-based independent market research arm of reputed strategy think-tank Renno Communications Group.
Out of 400 Dubai residents samples in the survey, 58.8% percent said they have not reduced their spending on groceries in 2009. However, 53.6% percent said they have cut down on leisure activities related expenses as compared to 64% who have not cut down on personal travel last year, reflecting a positive period for the airline sectors,
In a survey of 400 Dubai residents with a minimum household income of AED 3,000, Echo Trends' Consumer Behavior and Trends Report culled valuable data on respondents' spending behavior in a crisis period, and gathered detailed information on brand preferences in the Automotive, Shopping, Media, Travel, Telecom, and Leisure sectors.
According to the survey, 22 percent of those interviewed had primary bank accounts at HSBC among all other banks in the UAE, with Emirates NBD and Mashreq coming in second and third, with 17 percent and 12 percent, respectively.
"Dubai residents' behavior and trends have not changed drastically despite the economic downturn. However, the report indicates some significant changes in the positioning and repositioning of present and former market leaders in their respective fields," said Samer Renno, Chief Executive Officer of Renno Communications Group.
Meanwhile, among car owners, Nissan was the preferred brand in the automotive sector, with 14 percent of respondents said they own this brand. In the telecommunications sector, a whopping 84 percent still preferred Etisalat versus rival du, which has been aggressive in its attempt to gain a significant market share.
Commenting on the report, Pascale Haddad, Chief Research Analyst at Echo Trends said, "The 2009 report covers consumer trends across a wide range of economic sectors. When we compared this report with the one done six months ago, we were able to analyze interesting facts such as the positive shift in consumer spending and confidence in the economy which has improved by over 27.6 percent. Similar studies will be replicated in other countries in MENA, to compile a much larger trending report on consumers in the region."
In the highly competitive retail and shopping market, Mall of the Emirates emerged as the strongest competitor, where 54 percent of interviewees indicated their preference for one of the biggest shopping centres in the UAE.
Renno concluded "The main aim of this report is to provide a comprehensive outlook of the spending behavior of Dubai residents, and was conducted to provide decision makers a deeper understanding of Dubai consumer behavior. This report should prove as a valuable tool for companies in formulating and reviewing their marketing campaigns and sales strategies in 2010."
The Consumer Behavior and Trends Report is part of a series of important market research projects conducted by Echo Trends, which aims to become a leading resource of valuable market intelligence and analysis for companies in the region.
About Echo Trends
Echo Trends is the regional market analysis and research arm of Renno Communications Group. The specialized division was founded with the objective of providing decision makers, investors and corporations across the globe with market and sector reports related to the latest trends and consumer behaviors in the Middle East regions.
In addition to research analysis, Echo Trends also works with the public and private sectors to customize and manage market reports as per their requirements. The professionalism in delivering detailed and accurate reports are topped with a commitment of providing regional clients with the added value of combining superior knowledge of the local cultures with a long history and expertise in the communications business, thus offering rewarding intelligent analysis that are on par with international standards.