· A majority of GCC shoppers intend to increase their spending compared to last year, yet nearly 75% plan to delay purchases for special offers and promotions
· Studies indicate that cost-conscious motorists are likely to renew and make early payments for insurance policies during Ramadan promotions
· As GCC residents prepare to spend more, they continue to prioritize love, education, and memories over material possessions
· A significant 66% of respondents trust the recommendations of friends and family, selecting insurers based on their loved ones’ endorsements
GIG Gulf, one of the largest insurance providers in the MENA region, has reported that despite intending to spend more this year compared to 2022, nearly 75% of GCC residents will postpone purchases to wait for special offers and promotions during Ramadan and Eid.
The findings are based on two separate research pieces carried out to analyse consumer behaviour during the festive seasons of Ramadan and Eid. One study was commissioned by GIG Gulf and carried out by YouGov, a leading global market research and data analytics firm, while the other was commissioned by Toluna, a leading provider of market research and consumer insights.
The research suggests that consumers are driven by inflation and a desire to ‘make up for the pandemic years,’ with nearly half of GCC residents expecting to pay more for Eid gifts than last year. A majority, however, will hold out for Ramadan in-store events and special offers before making their purchases. The data also reveals that thrifty motorists are likely to renew and pay earlier for insurance policies in exchange for Ramadan promotions.
Interestingly, the studies highlight the value placed on love, education, and memories over material wealth by GCC residents. Six out of ten respondents prioritize their family, friends, and relationships over their health, home, or experiences. GIG Gulf’s data suggests that while people plan to spend more on material goods this year, 40% would buy insurance for their love, education, and memories if they could. Moreover, 57% of respondents identified ‘friends and family’ as the most valuable aspect of their lives.
The research also unveils how 53% of respondents enjoy pampering themselves with luxurious experiences during Ramadan. Despite this indulgence, many still prioritize protecting their loved ones and cherished possessions through insurance coverage. This sentiment reflects the importance of safeguarding valuable relationships and items against unforeseen circumstances.
Caroline Bertrand, Chief HR and Marketing Officer, GIG Gulf said, “While insurance cannot protect the abstract concept of love, it can shield our loved ones from potential harm. For instance, home insurance can protect against legal liability for damages or accidental bodily injury to those we care about. Insuring what we love grants us a sense of freedom, enabling us to live in the moments that matter without worry or anxiety. During the holy month of Ramadan and Eid, when we want to be close to those we love, we can achieve peace of mind by protecting them from unforeseen circumstances.”
The findings emphasize the desire to protect what matters most to people. When asked what they would choose to insure if possible, 54% would insure their love, 43% would insure their memories, and 34% would insure their passions. Those who opted for insurance coverage for their health or valuable possessions cited peace of mind and financial security as their motivations. Nearly half also acknowledged that insurance was a financially prudent decision in case of unexpected events.
To learn more about these findings and insights, visit GIG Gulf’s blog post here.