What does 2023 look like for consumers in Saudi Arabia?
A Nielsen report indicates that Saudi consumers are looking to increase their spending on grocery and household items (37%) this year. The report also highlights that 44% are planning to spend more on fresh produce. Health/wellness products are on the rise with Saudi consumers planning to spend more this year (40%).
Online shopping is also on the rise (27%) as people shop online to get better deals, save on gas, minimise trips to store and use mobile apps to find better deals, while 24% prefer to shop at stores with loyalty points.
Meanwhile, a NielsenIQ survey indicates that 51% Saudi consumers are “very concerned” about financial and job security. Mental and physical wellbeing along with work/life balance are considered as very important too. However, equally significant is the percentage of consumers saving for unforeseen circumstances (46%), indicating a general concern about the future in par with global numbers.
The survey found that for 38% of Saudi consumers their household’s financial situation is about the same as a year ago, with 44% saying that they can live comfortably and are able to buy things just because they want them. While 24% claim that they are somewhat even better off financially (17% globally). A third of Saudi consumers can also spend freely (32%), which again is above the global average of (20%) and signifies that despite inflationary pressures consumers feel more optimistic about 2023 onwards.
Overall, in 2023 a section of Saudi consumers is likely to shift spending towards maintaining contributions to future-focused mainstays like financial services (30%) and paying off debt (28%). They are also thinking ahead towards their general well-being, thus contributing more to education for themselves or their families.
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