The average UAE teenager is a shopaholic.
Gone are the days when people used to save their money for hard times ahead. Nowadays, its consumption that counts. And when it comes to “conspicuous consumption”, that interesting phrase coined by Thorstein Veblen, the United Arab Emirates tops the list.
In an exhaustive survey made by AMRB and TRU (both Kantar Group Companies) it was found that as compared to the average world-wide teenage spending of $28 (on a per week basis) the UAE spending was $108, the highest in the world. As compared with the Saudis youngsters who spent $56 and the Egyptian adolescents who spent $7, this was an astronomical figure.
The spendthrift habits of teens spell disaster for a society particularly in these economically insecure times. For when push comes to shove, as in a recession, it is the savings in the bank that ultimately come to one’s rescue.