Almost half of the residents in the United Arab Emirates spent more than their allocated budget during the month-long Dubai Shopping Festival which concluded this week, a new survey has found.
The poll by comparison site Souqalmal.com noted that 45 per cent of respondents exceeded their monthly budget by at least Dhs 1,000 as a result of purchases made during the DSF period.
Meanwhile, more than 9 per cent of respondents said they overspent their budget by more than Dhs 5,000.
However, around 45 per cent managed to stay within their monthly limit.
Interestingly, the majority of survey respondents – over 77 per cent – were male.
Souqalmal.com founder and chief executive officer Ambareen Musa said: “The survey’s results indicate that consumers in the country see DSF as an ideal time to shop, as it allows them to save more on the long run by taking advantage of the various deals on offer.
“However the statistics also show that shopping through sales period can be very emotional with 45 per cent of consumers exceeding their monthly budget by Dhs 1,000,” she added.
Although official figures on total consumer spending during DSF have not yet been disclosed, event organiser Dubai Festivals and Retail Establishment has projected that the amount will reach Dhs 15m.
On average, the festival attracts 4.5 million visitors every year, with some malls seeing footfall of 100,000 shoppers at peak times.
Authorities say Dubai retailers record 25 to 30 per cent of their annual sales during DSF. This year the event – which ran from January 1 to February 1 – saw over 6,000 participating retail outlets.