The New York based management and consultancy company, “McKinsey and Company “, has found that over half of Pakistan’s urban population is always looking to save money in everyday shopping.
The company conducted a mega survey called McKinsey 2018 Global Sentiment Survey.
The company also found that Pakistanis are brand loyalists but consider the prices before purchasing something.
Countries Included in the Survey
The company conducted survey over a period of 2 years from September 2015 to September 2017. Following counties were included in the study;
- United Arab Emirates
- Saudi Arabia
The company conducted direct interviews with 1,000 consumers from Pakistan. Total respondents for the survey were 4,007 from all four countries. Only major cities were included in the survey to find the money saving, spending and consumer habits.
60% of the respondents were females while 40% were males. 23% consumers in the survey belonged to high-income class, 28% to middle class while half of them were with low income means.
Results of the Survey
McKinsey and Company concluded following results from the gathered data.
- 54% consumers had to change their shopping habits to save money.
- 29% consumers try to find the best possible prices at their preferred brand stores.
- All consumers are looking for different ways to save money and avoid spending more.
- 36% of consumers pay extra attention to prices while 38% are always looking for ways to save money.
- 37% delay their plans of spending money on shopping in order to save money.
- 36% jump in on shopping whenever there are promotions, sales, cash loyalty card options and coupons to avail extra discounts.
- 36% also buy products in large quantities to save money on bulk.
- 32% roam around to look for deals in order to save money
- 23% cook food from scratch to save money on food.
- Overall, Pakistanis spend or at least plan to spend 49% of their income and save the rest. Top priority of 63% Pakistanis is to spend on education and other basic necessities.
- 17% pay off debts with their income while the 34% aim to save it.
- 42% of consumers find it difficult to go through the days with their income while 39% only earn enough to pass the month with no savings.
The company also asked respondents about whether they feel their jobs are secure or not. 68% said that they have no security for their jobs while 34% said they are positive about their income and country’s current state of economy.
Via: The News