In the face of the recent credit crunch that is being faced by the developed as well as the developing countries in the world due to the financial crisis, the Middle Eastern consumers are still not greatly affected. “The Middle East has been moderately affected by the credit crunch in that consumers are more cautious in part.
Since Middle Eastern consumers are not as overstretched as those in Western countries, the credit crunch has a shallower bite. The lack of a credit/debit culture means that consumers buy outright. Those that cannot afford luxuries will not buy them and those that can afford them will– and will be happy to show off their treasures too. Modesty is certainly not in the minds of Middle Eastern consumers; those that can afford it still pride themselves on their big cars, jewellery, lavish weddings and haute couture” (The credit crunch: The impact on consumers in the Middle East, 2009)
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