The Millennial generation (those how born between 1980 and 2000) is a more influential segment in the Middle East than in other countries. There are 2 billion Millennials around the world and 86% of them are living in emerging markets.
To get a better understanding and a deeper insight into the Millennial mindset in both UAE and KSA, take a look for the following information produced by Visa Performance Solutions (VPS):
- Around one-third to one-half of the GCC’s populations under the age of 25, and by 2050, 54% of the population is expected to be below 36 years of age in GCC.
- GCC Millennials are more likely to be higher spenders than their global peers, particularly in high-value segments such as travel.
- 48% of Middle Eastern Millennials said they preferred to use digital currency, and this rate was far higher than elsewhere.
- In 2015, Millennials in the Middle East spent US$15 billion on digital content alone which equates to US$120 per person.
- In UAE 31% of the population is under 25 years old, and in KSA the equivalent figure is 50%.
- In UAE, Millennials spend 6.5 hours online each day, compared to 4.5 hours for KSA Millennials. Males in both countries prefer to use a laptop for most of their browsing, while females favor tablets.
- Although the number of Millennials in KSA is higher than UAE but younger and older UAE Millennials are more likely to engage in online activity which related to e-commerce such as online shopping, checking bank statements, online bill payment, and online remittance.
- The top 5 online categories that GCC’s Millennials shop for online are electronics, clothing, traveling for leisure, traveling for business and food take away.
- The majority of UAE populations do their online shopping via phone apps.
- com is the top websites for online shopping in both KSA and UAE, followed by Amazon in KSA, and Ddubizzle in UAE.
- The credit card is the most preferred online payment method by Millennials for e-commerce UAE but in KSA credit card is only preferred when purchasing electronics, traveling tickets online.
A Figure Shows The Top Websites for Online Shopping.