Health Tops Concerns for Saudis, Especially the Youth, TGM Research Reveals

SINGAPORE, 10th April - TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of Saudi Arabian consumer behaviour, as presented in the TGM Consumer Sentiment Survey in KSA 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of 1,007 respondents aged 18-75 residing in Saudi Arabia.

“As we analyse the findings of our latest survey, it becomes apparent that Saudis in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in KSA 2024:

The latest finding identifies health and well-being, financial security, and rising prices as the top three concerns among Saudis, reflecting pressing issues across the Kingdom.

Health leads as the primary worry, highlighted by 35% of respondents, with a notable emphasis among the youth (43% of Saudis aged 18-24), indicating a broad focus on well-being. Financial security and the impact of increasing costs are also key concerns, with 13% and 12% of participants highlighting these issues, respectively. The survey further reveals that rising prices concern both genders and all ages, particularly affecting women and those aged 45-54 slightly more.

The impact of rising prices in Saudi Arabia has prompted significant concern and adaptive behaviours among its consumers. About 73% of Saudis are worried about the cost of everyday items going up, especially those aged 45-54, where the concern hits 83%. Looking ahead, 65% of people across genders believe prices will continue to climb over the next year.

Responding to these challenges, 64% of Saudis have already started adjusting their lifestyles, with women and young adults aged 18-24 making the most changes. Additionally, 57% of the population plans to cut down on buying products and services in the future. Interestingly, while more than half of young adults aged 18-24 intend to cut back on spending, this intention is not as strong as it is among the 45-54 age group, where 60% plan to spend less.

In Saudi Arabia, there's a clear shift towards prioritizing spending on essential needs among consumers. While a majority intend to maintain their current spending levels, 40% are planning to allocate more of their budget to basic necessities and groceries. This trend is particularly strong among younger Saudis, with nearly half of those aged 18-24 and 46% of those aged 25-34 increasing their spending in this area.

There is also a noticeable gender-specific spending pattern; 31% of females are likely to spend more on energy and utilities, whereas an equal percentage of males are focusing on housing costs, such as rent or mortgage. Additionally, a significant portion of the population, 21%, intends to reduce their spending on transportation and fuel.

A significant portion of Saudi Arabians, 69%, are open to exploring new digital methods for purchasing groceries and essential items in the next three months, with females showing even greater interest at 73%. This suggests a strong inclination towards digital platforms and apps for shopping needs. Following closely, 68% of participants expressed a willingness to shop from a different website than usual, with this preference being particularly pronounced among Saudis aged 45-54.

On the other hand, transitioning from online shopping back to physical stores appears less appealing, with 19% of respondents considering such a change unlikely, indicating a strong current preference for online or digital shopping solutions among Saudi consumers.