Eight out of every 10 people in the UAE are apparently worried about losing their jobs.
That's according to a new report by the management consulting firm McKinsey & Company, which also found that residents are becoming more cost-conscious.
Around 40 per cent of respondents in the UAE and Saudi Arabia said they are cutting down on spending and paying closer attention to prices.
The report also revealed that consumers are becoming less brand loyal, with at least 15 per cent trading down to less expensive brands.
Abdellah Iftahy, partner at McKinsey Middle East and co-author of the report, spoke to ARN News.
Meanwhile, it seems e-commerce is catching on quickly with consumers increasingly looking for speed and convenience.
More than 60 per cent of respondents said convenience is the main reason they are shifting to online channels.
Iftahy also explains how companies and retailers can adapt to the changing consumer behaviour and spending pattern.
The UAE has reaffirmed its solidarity with Qatar, strongly condemning the Israeli attack on Doha and reiterating its support in confronting all threats to its security and stability during an urgent debate of the UN Human Rights Council in Geneva.
Dubai’s Roads and Transport Authority (RTA) has announced plans to install battery-swapping stations for electric bikes across key locations in the emirate.
The UAE and Azerbaijan have taken a major step forward in their bilateral relations, announcing a Comprehensive Strategic Partnership during a high-level meeting in Karabakh.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE's Deputy Prime Minister and Defence Minister, has directed Dubai Civil Defence to meet the highest global standards in community protection.
At the Emergency Arab-Islamic Summit, the UAE reaffirmed its full support for Qatar in the wake of the recent Israeli strike on Doha, calling the attack a blatant violation of international law and regional sovereignty.
His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah has announced 'Majma' Al-Tawarikh' (The Arabic Encyclopedia), a new historical project that will serve the Arab world by chronicling events from 550 BCE onwards.