UAE “prefers cash over physical gifts”
Dubai, December 22, 2011
Majority of UAE residents prefer to receive cash gifts as opposed to physical gifts of the same value, a recently conducted gifting survey by Western Union showed.
About 63 percent of the respondents preferred receiving Dh500 ($135.96) in cash rather than a gift worth the same amount, the leading money transfer and global payments company said.
The survey also revealed that the preferred choice for cash gift recipients would be to save or invest the money with 33 percent followed by spending on treats for themselves (19 percent) and using it for basic necessities like gas, groceries or bills (17 percent).
However, when it comes to gifting their loved ones, respondents are most skeptical about overspending as 64 percent expect to overspend in their quest to find the perfect gift for their family and friends despite making budgets.
About 59 percent of UAE residents surveyed are planning on making budgets, an increase of over 70 percent from the previous year.
Sobia Rahman, Western Union’s regional vice president for the Gulf, Pakistan and Afghanistan, said: “For those giving, gifting cash is a suitable option as it helps in controlling budgets, and avoid unforeseen costs and time commitment associated with physical purchases. In addition, cash gifts enable recipients to use it in the best way they see fit, whether it means buying a gift of their choice, saving or investing.”
To facilitate gift giving solutions this season, and help consumers be mindful of their budgets, Western Union is offering "Dh500 for Dh25" ($6.80) where consumers can send up to Dh500 from participating agent locations to loved ones across the world for Dh25. – TradeArabia News Service