According to the latest Mastercard Worldwide Index Survey, Egyptian consumers look set to save less over the next six months. The survey, undertaken in March and April 2009, studied the saving priorities of 2,600 consumers across the Middle East in six markets.
The majority of consumers in Egypt across all age brackets plan to save less in the next six months (63 percent).
In contrast, only 9 percent intend to save more, the greatest proportion of whom are under 30 years old.
Thirteen percent of Egyptians below aged 30 intend to make more savings over the duration of the next six months, in comparison with consumers aged between 31and 45 (5 percent) and 46 and 55 (11 percent) as well as consumers aged 56 and above (5 percent).
Thirteen percent of male consumers in Egypt plan to save more in the next six months compared to only 5 percent of females.
The main reasons for saving given by those planning to do so were for buying property (44 percent), purchasing consumer electronics (41 percent) and purchasing cars and motorcycles (33 percent).
The survey s results for Egypt contrast with those for other countries in the MENA region. According to Mastercard, 47 percent of consumers in the United Arab Emirates (UAE) and 44 percent of consumers in Qatar intend to make more savings over the same period.
The main reason for saving less cited by Egyptian consumers who partook in the survey is the fact that their earnings are too low to make regular savings (82 percent).
“It is interesting that in Egypt, buying or upgrading/renovating home or property, purchase of consumer electronics, and purchase of cars and motorcycles emerged as some of the most important saving priorities for consumers, said Shaun Rashid, area business head, Egypt and Levant, MasterCard Worldwide.
Economic uncertainty has caused 75 percent of Egyptian consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures, the report said.
Among the different age groups, 83 percent of those aged between 46-55 are most concerned about saving for a rainy day.
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