1 in 2 consumers in MENA are excited about metaverse and keen to experience it

GfK Consumer Pulse Study

DUBAI, UAE, June 28, 2022 /PRNewswire/ -- GfK, a leading provider of consumer and market intelligence, analytics, and consulting services, unveiled an exclusive Consumer Pulse Study for its customers across the consumer products industry at its Insight Summit themed around "Winning the new consumerism in the Middle East". The study is aimed at understanding how Middle East Consumers feel about key evolving trends happening globally as well as here in the Middle East and seeks to uncover key trends, barriers, needs, gaps, and drivers impacting consumer lives in this new transformed reality.

On the occasion, Nacho San Martin, Managing Director - Middle East, GfK said, "Consumers in the MENA region are adapting and recovering to a new consumerism order amidst global unrest, heightened economic pressures alongside newly adopted consumer choices and behaviors. This is reflected in consumer purchases as Technical Goods Market growth in the MENA region is the strongest worldwide. GfK Consumer Pulse Study, conducted across UAE, KSA, and Egypt, is aimed at understanding changing consumer lifestyles, attitudes, and behavior and what's next for brands & industries."

"In the Middle East region, GfK is committed to helping consumer product companies to deliver growth with data-driven intelligence by offering access to critical knowledge in real-time powered by gfknewron around consumers, markets, brands, and media. We are also continuously strengthening our position & operation in geographies with significant growth potentials like Saudi Arabia, UAE, Iraq, and Pakistan." – Nacho further added.

Consumer optimism about the economy and personal finance

MENA Consumers are more resilient and tend to be more confident but are not completely immune from financial pressures driven by Covid-19, inflation, and the Ukraine conflict. While they are mirroring broader global and emerging market tendencies, 2 out of 3 surveyed consumers in MENA are optimistic about the country's future economic situation and more than half are very confident of better financial status in the next 1 year.

Dr. Christoph Preuss, Vice President - Global Marketing & Consumer Intelligence, GfK said - "For business, brand and marketing leaders to navigate a world of uncertainty and high emotions, three trends to watch for in the near and long term are - 1) Emerging concerns as consumers are paying higher prices, we are watching our wallets, but we still pay for quality, 2) Sustainability-focused behavior of brands as consumers across MENA are mindful of conserving natural resources and reducing consumption, and 3) The Metaverse and how it is changing the way we live, work, play, enjoy, and pay."