/ Researches / Understanding the Millennial Mind-Set and What it Means for Payments in the GCC, Q2 2016 | Visa
Understanding the Millennial Mind-Set and What it Means for Payments in the GCC, Q2 2016 | Visa
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.
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