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UAE consumers increased their spending on fast-moving consumer goods, tech, and durables by 4.8% y-o-y to USD 3.7 bn in 3Q 2024, according to NielsenIQ Retail Spend Barometer. Fast-moving consumer goods (FMCGs) dominated spending, with a 6.4% y-o-y increase to USD 2.2 bn during the quarter. Tech and durables came in second, growing 2.5% y-o-y to USD 1.5 bn, marking slower growth from last year’s 7.7% growth.
The rationale: The performance was driven mostly by back-to-school sales, as well as an increase in demand for convenience retail due to the influx of expats, Retail Lead of NIQ Middle East David Cantatore said.
On a q-o-q basis, the figure marks a decline from USD 3.8 bn spent on fast-moving consumer goods (FMCGs) and tech and durables in 2Q 2024. FMCG spending saw a moderate adjustment after strong growth in the first half of the year, which is attributed to typical seasonal patterns. Meanwhile, tech and durables also saw a gradual decline q-o-q, with product launches like that of Samsung Galaxy S24 in 1Q 2024 boosting performance during that quarter.
Online shopping + healthier options are growing more popular: Purchase trends are displaying a rising preference for healthier and sustainable products. They also show an increase in the usage of online and quickcommerce grocery shopping platforms, especially among young and busy professionals.
