Saudi economist urges shoppers to spend wisely during Ramdan


June 26, 2013 | By RetailME Bureau

Markets and foodstuff stores in the Eastern Province of Saudi Arabia have started promotional and special offers since the beginning of the month, preceding Ramadan. Retail centers have announced 30–70% sale, and car companies have started advertising special offers.

Fadel Al Boenein, an economist, says it is important that consumers don’t get dragged into false promotions because early preparations for Ramadan create fierce competition among retailers, and because they aim to achieve high profits during this season, they advertise incorrect offers. “Retailers exploit the season to dispose of stocked goods, approaching expiry dates. Promotions are usually incorrect because prices often increase in Ramadan. Therefore, customers should choose and buy only what they need,” he warns.

“Car companies always look for opportunities to make special offers, because of the high profit margins. Their marketing ability has become much weaker because of the consumers financial solvency. They make special offers during Ramadan, Haj, in the summer and all year round because they want to increase their sales, even if this means losing on high profits,” he adds.

Boenein says consumers’ financial solvency doesn’t change but it becomes weaker during certain seasons, especially since four seasons come within the span of three months; there is Ramadan, Eid Al Fitr, back to school and Eid Al Adha, which strains the family’s budgets.

About the role of the Ministry of Trade in checking the credibility of these offers and supervising markets, he says the ministry can’t cover markets all over the Kingdom.

“Consumers should monitor the markets, distinguish between prices in different stores and choose goods that suit them. Consumers should make a list of priorities when making purchases during these seasons. Early purchase is much better from a financial point of view, because stores often raise the price of goods during these seasons and not vice versa,” he says.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau

Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its 

Continue Reading

October 7, 2020 | By RetailME Bureau
Miguel Angel Povedano, chief commercial officer of Majid Al Futtaim – Retail

Majid Al Futtaim announces the launch of a customer insight platform, powered 

Continue Reading

October 7, 2020 | By RetailME Bureau
New Choithrams store opens at Emerald Court, Al Barsha

A new Choithrams store opens at Emerald Court, Al Barsha in Dubai 

Continue Reading

October 5, 2020 | By RetailME Bureau
Asda has new owners

Asda has new owners, as The Issa brothers and TDR Capital are 

Continue Reading

October 5, 2020 | By RetailME Bureau
Spinneys sees “dramatic changes” in shopping patterns

UAE-based supermarket chain Spinneys sees “dramatic changes” in shopping patterns since the 

Continue Reading

October 4, 2020 | By Rupkatha Bhowmick
Food Crowd is now delivering from farm to home

A new platform in the UAE, Food Crowd is now delivering from 

Continue Reading

October 1, 2020 | By RetailME Bureau
Eagle Hills Sharjah signs up Every Day Fresh Hypermarket

Eagle Hills Sharjah signs up Every Day Fresh Hypermarket to meet the 

Continue Reading

September 14, 2020 | By RetailME Bureau




Download Images RetailME Magazine