Latest news with #spendinghabits
Al Arabiya
a day ago
- Business
- Al Arabiya
Saudi consumers tightening spending, becoming more price-conscious: Report
As Saudi Arabia undergoes rapid economic transformation, consumers across the Kingdom are becoming more price-conscious and selective in their spending habits, according to a new report by global consulting firm Oliver Wyman. The report, titled 'Insights into the Evolving Spending Habits of Consumers in Saudi Arabia,' reflects survey responses from 3,500 Saudi consumers collected in December 2024. Key findings While 56 percent of respondents expressed optimism about the economy, a notable 44 percent were either neutral or pessimistic – revealing a more complex picture of consumer confidence in the Kingdom. Young Saudis appear particularly cautious, with only 49 percent of those aged 18 to 29 reporting optimism, below the overall average. This points to a growing need for brands to reassess how they engage with younger demographics and align with their financial realities. Spending cuts are becoming more common in non-essential categories, with respondents indicating plans to reduce expenditure on dining (39 percent), entertainment (38 percent), home furnishings (38 percent), and electronics (37 percent). At the same time, value-seeking behavior is intensifying: 48 percent of consumers are actively comparing prices, 47 percent are seeking promotions, and 46 percent prefer lower-cost retailers. Despite rising frugality, not all categories are affected equally. Only 15 percent of respondents said they would switch brands when it comes to fresh produce, showing strong brand loyalty in essential grocery segments. In contrast, approximately 31 percent of respondents said they would switch to cheaper dining options, while 30 percent plan to do the same for electronics and entertainment. Purchasing behaviors are also evolving across channels. Physical stores remain dominant for grocery shopping, but online platforms now lead in categories such as electronics, fashion, and entertainment – especially for international brands, favored by 43 percent of online shoppers. These findings signal that category-specific, omnichannel strategies are increasingly critical for retailers hoping to stay relevant. Market saturation, heightened competition, and emerging lower-cost alternatives are also reshaping consumer habits. The entertainment sector, for example, has seen a dip in spending, driven by the rise of affordable family entertainment concepts and widespread commercial activations across Saudi Arabia. In the fashion and retail space, digital-first brands offering faster shipping and broader selections are challenging traditional players to improve service and pricing. To stay competitive in this shifting landscape, the report advised retailers to adopt value-driven strategies, including pricing innovations, private label development, and tailored promotions – without compromising on quality. It also emphasizes the need for operational efficiency through AI, automation, and performance tracking. Investments in omnichannel capabilities, such as seamless integration between digital and physical platforms and stronger social commerce efforts, were also highlighted as essential tools for meeting modern consumer expectations. As Saudi Arabia continues its ambitious transformation under Vision 2030, the findings underscore the importance of adaptability and customer-centric strategies in navigating an increasingly value-focused market.
The Sun
4 days ago
- Business
- The Sun
Why women are more skint than ever and five ways to make sure you get what you deserve from your husband
NIAMH Spence draws in a sharp breath as she opens the banking app on her phone. It is two weeks until she gets paid and she only has a few pounds left in her account. 4 This strikes fear in her heart. As a mum to four-year-old Evie, Niamh realises she still has to shop for dinner items, a kid's birthday present and a bottle of wine for the nursery's raffle. Although the freelance PR worker earns a good wage to equal that of her fiancé, lorry driver Stephen, she is always left skint weeks before pay day — while he is not. Does it sound familiar? Women across the UK are finding that their income is burned through much faster than their partners'. There are endless chats on forums such as Mumsnet around the issue . . . 'Skint wife and Rich Husband — please help', 'I'm so much poorer than my partner' and 'Spouses with very different spending habits' to mention a few. A study by credit company Intrum found women spend 64 per cent of their income on essential items, while men get through just 53 per cent. Women were also more likely to go into debt to cover everyday necessities. Niamh, 34, of Salford, Greater Manchester, says: 'Every month my bank account is hammered by our bills, while my partner keeps his healthily balanced. 'We split household bills down the middle, with him transferring his half to me weekly, when he is paid. 'But there are always extra, invisible expenses that come with the territory, especially for mums, which see me fork out more money than he does.' TV personal finance expert Jane Hawkes says it is a widespread problem and one that has been increased by the decline of the joint bank account. She says: 'It is clear women end up spending more on just about everything on a daily basis, from picking up 'a few bits' for dinner to buying presents for countless birthdays. 'And most importantly there is the death of the joint account, which is seeing women using their account for multiple purchases. Those everyday outgoings hit women harder.' Joint accounts are in sharp decline. TSB found in 2024 that only 12 per cent of couples share all their finances in a joint account. Of those with one of these set-ups, four out of five people also had an individual account. While ditching the joint account and having control of your individual finances may seem like a mark of financial freedom, there is a downside when it comes to running a family home — as Niamh, who doesn't have a joint account, found. She says: 'A joint account was never on the cards for us. So many bills were already set up in my name from before Steve and I lived together, it felt like a lot of admin to change that, and he's always just paid half of our monthly budget into my account. 'It always felt less hassle, which might be why we've fallen into this comfortable habit. I was always wary of a joint account for a number of reasons. 'A joint account seems quite outdated. But without one, the parent who does the lion's share of the jobs simply picks up a bigger tab.' In the current financial climate, women in heterosexual households are increasingly finding themselves broke. A study by consumer research company NIQ found that women make between 70 and 80 per cent of household buying decisions. Plus, nearly 60 per cent of female grocery shoppers did most — if not all — the food purchasing for their households, according to market research firm Statista. 'Donations and trips' Niamh says: 'The food shopping falls to me, but it's the other items too. 'I drop off at the nursery and therefore pick up the communications about World Book Day costumes, donations and day trips. Therefore, it's me who coughs up. 'I check Evie's bag nightly, so I deal with all the party invitations and buying the presents. 'None of those things cost a lot of money, but they all add up. 'When you look at it over the course of a month, it's a sizeable chunk of cash. 'Add in dance classes and gymnastics, all of which I take her to and organise, and there's a few hundred pounds extra I pay for each month.' A big problem with the money balance in couples is that admin often comes down to mums. A 2020 poll found 73 per cent of women who live with a partner felt they did more 'invisible labour' than their partner. Niamh says: 'It's always me realising Evie needs a new coat or has outgrown her shoes, so I foot the bill. 'I'm the one who purchases things for our home, I notice we need an air freshener, a candle or that Evie's had her nursery pictures taken so we need more photo frames. 'These just don't come into Steve's periphery. 'Also, the pink tax, where products marketed towards women are priced higher than their male counterparts, even if the products are essentially the same, is a real issue. 'If I buy toiletries for myself, they're always more expensive than Steve's. I don't treat myself to anything special, but everyday things like razors are about £2 more expensive for women for the same product. 'It's not that Steve wouldn't want to pay. 'In fact, on the odd occasion I've mentioned it, he has been mortified that I'm left out of pocket, and has insisted on transferring money over to me to cover costs. 'But the amounts are so small, it doesn't feel worth mentioning.' A TSB survey found that 40 per cent of people who thought their financial situation was unfair had never raised the matter with their partner. 'Serious implications' Niamh says: 'I'm not going to sit around in the evening, as we enjoy our precious hour of alone time, saying, 'I had to put in £5 for a teacher collection today, can you transfer £2.50 to me'. 'But that's how it all adds up, and really, he can only pay for what he knows about. 'Steve has always been really upset on the odd occasion when I have pointed it out. 'I know he's not deliberately trying to make me pay more, it just feels like financial ignorance — and not intentional either. 'I'm the one who feels sick watching the money drain from my account every month. We have spoken about trying to make our finances more even, because we know it could have serious implications for the future. 'We live in a house that I own from before we met, but we've looked at getting a mortgage together in the future. 'When we looked at how much we could borrow, I was rigorously questioned by the mortgage company on how I could afford the huge amount that leaves my account every month. 'Whereas Steve has a near-perfect credit score thanks to his predictable, regular payments to me.' Steve says: 'Niamh has just shown me how much extra she is spending every month. 'It has come as a big surprise. It's really important to me that our bills are split equally. 'I've heard the phrase 'invisible admin' before but didn't realise it was happening to us. 'I'm going to make sure she notes everything down as it really isn't fair. 'I'm shocked.' FIVE WAYS TO GET EVEN PERSONAL finance expert Jane Hawkes explains why women find themselves out of pocket – and advises how to even things up. GET A PAPER CALENDAR: Almost three-quarters of childcare is taken on by women, which means expenses over the school holidays also fall mainly to Mum. A paper calendar is your cost-sharing friend. For each day of the school holidays, make a note on the calendar about what the plan is. Pop a note beside it detailing expected costs. Your other half then needs to put half of this cost into your account by the end of the week. ADOPT THE SQUIRREL METHOD: The little extra spend of 50p for the PTA raffle, £2.50 for school dinner or £2 on parking mount up – and leave you out of pocket. Whenever you make a bigger purchase, squirrel the change away and build up a fund to pay for the little things So if your grocery shop comes to £100.75, put that 25p in a separate part of your wallet – or a separate account – and ask your partner to do the same. At the end of each week, put this money into a real or virtual jar, which becomes the 'family squirrelled away fund' for small spends. USE THE 5-4-3-2-1: A study in the US found men referred to their wives with terms like 'project manager' or said they were 'keeping track of more'. This mental load for women comes as a financial cost. Remembering to pick up a few bits for dinner on the way home, even if it is as little as £4 a day, adds up to £124 a month. Curtail those daily trips to the supermarket with the '5-4-3-2-1' grocery shopping method. This idea suggests choosing five vegetables, four fruits, three proteins, two sauces and one grain at the beginning of the week. You then mix and match these items to create meals, while keeping costs low by using what you have in your store cupboard to bulk it out. SET UP A TREASURE CHEST: The decline of the joint account is a problem for women because they make the majority of purchases by dipping into their own funds. Set up a shared 'treasure chest' – a physical box or virtual fund using an easy banking app such as Revolut – to accumulate money for joint buys. Each partner contributes a set amount weekly or monthly. The accumulated funds are then used for agreed-upon shared expenses. DIVIDE AND CONQUER: Women make more than 70 per cent of the household purchasing decisions, studies by research firm NIQ found, which means there are expenses your partner does not contribute to. This can be remedied simply by using the Notes app on your phone. Every time you spend on anything for the family, regardless of the cost, jot it down.
Yahoo
24-05-2025
- Entertainment
- Yahoo
Hailey Bieber Is ‘Helpless' With Justin Bieber's Spending Spree, ‘Source' Claims
Hailey Bieber's concerns have reportedly been growing as her husband, , allegedly keeps on splurging money to maintain an extravagant lifestyle. As reported by RadarOnline, a source told them that the singer has been spending all his savings on private jets, parties, and more luxuries. Moreover, his close ones are seemingly worried that these self-indulgent lifestyle habits may lead the musician to become bankrupt. Justin's wife is also afraid that this may have a huge impact on her and their son's lives. Hailey Bieber reportedly fears that Justin's habit of spending heavily on an extravagant lifestyle may affect her as well as their son Jack Blues' lives. According to RadarOnline, a source claimed, 'He's blowing through cash like there's no tomorrow.' They alleged that the singer has been 'dropping tens of thousands on private jets for him and his hanger-on 'friends' and all-night parties.' Briefly, the insider also touched upon the topic of Justin's fatherhood journey, explaining, 'He loves his son but doesn't seem to know how to be a father.' The individual claimed, 'He was a pop star at 13 and had no one to supervise him but many to lead him astray.' They added how Justin 'clearly feels inept as a dad and runs away to party and let loose.' The source further talked about how Hailey Bieber is concerned about her husband's thrifty spending: 'Hailey is at her wits' end.' They continued, 'She's fearful that Justin's outrageous spending will affect her and their son.' Moreover, RadarOnline reported that the singer 'seems to be drowning in emotional pain and there's nothing she can do about it.' Their source mentioned, 'When he's in a spiral, Justin's way is to neither share with his friends nor ask for help. He retreats into himself.' Originally reported by Nikita Nath on Reality Tea. The post Hailey Bieber Is 'Helpless' With Justin Bieber's Spending Spree, 'Source' Claims appeared first on Mandatory.
Bloomberg
24-05-2025
- Business
- Bloomberg
Flybits Touts Credit Card Bringing Augmented Reality to Banking
Flybits is testing a credit card that will let users keep a closer eye than ever on their transactions. The Toronto-based company says it has developed a technology that uses generative AI to project visualizations of spending habits and transaction history onto the smart glasses of users when they look at the physical card. The XRCard — which also offers voice interaction — removes the need for a mobile app, Flybits said in a press release.
Yahoo
17-05-2025
- Business
- Yahoo
Couple With $300K Income Is ‘Broke' — 4 Things Dave Ramsey Says To Do So It Doesn't Happen to You
Many people confuse income with wealth, but just because you earn a ton of money doesn't mean all your money problems go away. Don't believe it? Personal finance expert Dave Ramsey recently spoke with a California couple living on $300,000 a year who are struggling with debt. Try This: Find Out: This couple — Amber and her husband — are engineers who owe $119,000 in consumer debt: $55,000 in credit cards, $22,000 in student loans, $23,000 in a personal loan and $19,000 in a car loan. They also pay $5,000 monthly on their home — $60,000 a year — which they purchased back in 2021. So, how did two people earning $300,000 a year go broke, and what can you do to ensure it doesn't happen to you? Here's Ramsey's advice. The average U.S. consumer owes a little more than $105,000 in debt, according to Experian. But since the real median household income is about $80,000 — per the latest U.S. Census data — this amount of debt might not be too surprising. For the California couple, though, the problem isn't their income — it's their spending. 'You don't have an income problem. You have a spending problem,' Ramsey told them. 'You make $300,000 a year.' If you want to avoid a similar fate, take a good look at your budget. Whatever your income, you need to learn to be disciplined with your spending to keep out of debt and truly live rich. Consider This: According to Amber, they've managed to pay off around $50,000 in the past year, but they're getting impatient and are now considering taking out a home equity loan or second mortgage to pay off their debts. Ramsey's advice is to stop acting rich. This means cutting back on unnecessary spending — like excessive dining out or expensive vacations — until the debt is under control. 'Income does not mean wealth,' he said. 'Net worth comes from living on less than your income.' He advised against taking out another loan or consolidating debt. This isn't truly 'paying off' the existing debt. It's simply moving it. Ramsey's advice to the couple, which you can also apply to your own life, was to find a way to live on less and pay more toward your debts. For Amber and her husband, he suggested living on $200,000 a year and putting $8,000 a month — about $96,000 a year — toward their debts. Doing this would make them debt-free in about 15 months. The same goes for anyone struggling with debt. One repayment method Ramsey stands by is the debt snowball method. Pay off the smallest debt first, regardless of interest rate, and work your way up until you don't owe anything. There's a difference between being able to afford things and simply trying to juggle — or balance — them. Without financial discipline and a clear budget, it's all too easy to 'spin plates' trying to afford everything. But eventually, one of those plates is going to drop. When that happens, you risk burnout, more debt and no net worth. Recognize the difference between what you can afford and what you're trying to juggle. 'You're going to have to decide that 'I make $300,000 a year, and it's embarrassing that I can't pay off a $100,000 grand in a year,'' Ramsey told Amber. 'It's embarrassing!' More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 7 Things You'll Be Happy You Downsized in Retirement 5 Little-Known Ways to Make Summer Travel More Affordable 5 Types of Vehicles Retirees Should Stay Away From Buying Sources The Ramsey Show Highlights, YouTube, 'Where The Flip Are You People Spending Money?' Experian, 'Experian Study: Average U.S. Consumer Debt and Statistics.' United States Census Bureau, 'Income in the United States: 2023.' This article originally appeared on Couple With $300K Income Is 'Broke' — 4 Things Dave Ramsey Says To Do So It Doesn't Happen to You Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
