Yallacompare Survey Reveals Consumer Stability In An Unstable World
Despite financial concerns, the majority of UAE residents opt to pay car insurance annually, still save and send money home
yallacompare, the number one finance site in the Middle East, has surveyed its ever-growing client base and discovered that despite the ongoing pandemic, local consumers are sticking to their habits.
The sweeping survey, which encompasses the opinions of over 2,300 consumers, revealed a number of finance-related points, which haven't changed as dramatically as pundits predicted.
An enormous majority – 83.5% - are still opting to send money home regularly – highlighting that many ex-pat workers are still able to uphold some form of financial commitments despite economic flux.
However, yallacompare unearthed that while a majority are still sending money home, it is a lesser amount than this time last year. Nearly half of the consumers queried, (41%) admitted they were sending less home than before, with amounts ranging between AED1000-1,999.
Financial worries and job security concerns see 41.4% of people saving a portion of their salary every month, compared to 58% in the second quarter of 2019, a trend reflecting global patterns, which has seen household spending decline and saving rates increase rapidly – a situation last seen in the global crash of 2008.
However, a majority say they still prefer to pay for their (annual) car insurance in one lump sum. While the global trend has long been in favour of monthly instalments, the local market – while seeing more uptake of instalment options – still prefers to make one-off payments.
Just over half of those questioned prefer to pay one annual sum (57%), while 43% would rather take advantage of the easy payment options offered via yallacompare.
Jonathan Rawling, CFO, yallacompare, says: "It seems the pandemic has shifted the payment paradigm to an almost 50/50 split between those who like to make one payment and those who like to spread the cost. During this tough year, we are exploring as many ways as possible to continue making the region's insurance as easy to purchase as possible. Survey results like this underline that we are still providing what clients need – a core tenet of our business model."
Bolstered by yallacompare's 24/7 expert advice and secure online payments, around four-fifths of those surveyed (79%) said the policies offered on the award-winning site featured all the benefits they needed.
"Another gratifying survey reveal for us – knowing we provide everything the majority of people need and expect in a car insurance policy is very good news, but we are not resting on our laurels. At yallacompare, we are striving to provide 100% of the benefits people need and expect in their car insurance policy," adds the CFO.
Nearly two-thirds of customers (64%) questioned in the satisfaction survey said they were not looking for an insurer brand that yallacompare didn't provide. In other words, the site provides quotes from the majority of mainstream, trusted and well-renowned insurance providers in the region.
With an online quote for home, health, travel and car insurance in under 60 seconds, savvy Middle East shoppers are taking full advantage of the ease, simplicity and cost savings found every day at the multiple award-winning yallacompare.com website.
