The most important of which is reducing unnecessary borrowing and staying away from luxuries.. and buying from outlets that offer offers and discounts

Experts: 8 tips to reduce the impact of high prices globally

• Advice for consumers by comparing prices and finding alternative items.

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Economists and retail experts have identified tips for consumers to reduce the effects of the global inflationary wave, which results in rises in the prices of some commodities.

They advised consumers, through "Emirates Today", to reduce borrowing and resort to it to meet urgent major needs only, and to stay away from buying luxuries and focus on the basics, and to buy from outlets that offer price offers and discounts.

They also called on consumers to buy alternatives to goods whose prices are rising dramatically and illogically, and not to buy unnecessary large quantities of goods, as well as not to rush to buy goods that are not needed, and to compare the prices of goods in outlets, and finally, buying from outlets. Alternative, if the outlets that the consumer deals with witnessed an unjustified increase in prices.

reduce borrowing

In detail, the economist, Ahmed Al-Darmaki, called on consumers to reduce borrowing from banking institutions during the current period, find a balance between income and basic needs, and resort to borrowing to meet only urgent major needs, such as building a home or treatment and safe investment, stressing the importance of moving away from borrowing. For consumer and recreational reasons, it can be dispensed with or postponed such as travel.

Al Darmaki added that the current period includes several challenges for consumers, especially the middle-income and low-income groups, given the global inflationary wave, and its attendant repercussions in the markets, foremost of which is the rise in the prices of some commodities.

He stressed the need for awareness and a rational consumer culture for consumers, focusing on buying necessities, and reducing buying luxuries, pointing out that up to 25% of some consumers' spending is directed to luxuries, and part of it is met through borrowing.

He called on the concerned government agencies to publish programs, through various media and social media, that raise consumer awareness and warn of the dangers of excessive borrowing and excessive buying of goods that the consumer does not need.

Al Darmaki also called on consumers to buy only the types and quantities of goods they need, and to buy from discount and wholesale markets, pointing to consumers who buy the latest types of smart phones twice a year, for example, which burdens them with unnecessary expenses.

commodity alternatives

For his part, the retail trade expert and head of Al-Bahr Consulting Company, Ibrahim Al-Bahr, called on consumers to search for alternatives to goods whose prices are rising significantly, and not to buy goods if the rise is large and illogical.

He explained that the UAE market is characterized by a great diversity of brands, which allows consumers to choose between various alternatives, stressing the need for flexibility and the ability to change some buying habits during the wave of inflation.

Al-Bahr stressed that the decline in demand for goods whose prices have risen significantly, is enough to push suppliers and sales outlets to reduce prices or return to old prices, pointing out that consumers stopped buying goods whose prices have risen in some countries, forcing suppliers to submit an official apology and reduce the prices of goods actually.

Al-Bahr also called on consumers not to buy unnecessary large quantities of goods in the short term, and not to rush to buy goods that are not really needed, with the importance of comparing the prices of goods, especially since it has become easy for consumers now to compare prices through websites. Electronic outlets.

Al-Bahr also advised consumers to buy from alternative outlets, if they notice that the outlets they deal with are witnessing an unjustified rise in the prices of a number of goods. During the past period, especially since many of them now sell goods retail rather than wholesale.

Market supervision

Al-Bahr stressed the need to tighten control over markets by the Ministry of Economy, in cooperation with local economic departments, and to organize extensive meetings with suppliers of basic commodities, to verify the rates of price increases, and ways to reduce them in the local market, in order not to leave an opportunity for some traders and suppliers to raise prices by large percentages of without controls.

He stressed the necessity of emphasizing not to raise the prices of any commodity without an official written approval from the Ministry of Economy, and to impose deterrent penalties on violating outlets.

consumer behavior

In the same context, the economist, Ali Al-Hamoudi, said that consumers should change and review their consumer behavior during crises, such as the global inflationary crisis that the world is going through, and it is reflected in the local economies in the countries of the world.

He added: "This crisis is new, and has no precedent in modern history, and is caused by the closures of economies for several months, which affected supply chains, then was followed by a rise in demand in exchange for a shortage of many raw materials for different industries, and consequently a shortage of some commodities."

Al-Hamoudi called on consumers to focus on buying the necessary goods, and reduce the purchase of luxury goods, stressing the need for the consumer not to burden himself with debts, to buy unnecessary goods, or to buy goods in installments that burden him with benefits in such inflationary conditions.

He also called for the need to use alternative goods, in the event of a large and unjustified rise in a commodity, pointing to the existence of alternative goods at a lower price and similar or close quality, and said that this establishes competition in the market and non-monopoly, which is in the interest of the consumer.

Al-Hamoudi ruled out that this inflationary crisis will continue for many years, indicating that it is temporary and may last between 12 and 18 months.

Consumer Tips

1. Reducing borrowing and resorting to it to meet only major urgent needs.

2. Avoid buying luxuries and focus on the essentials.

3. Buying from outlets that offer price offers and discounts.

4. Purchasing substitutes for goods whose prices rise dramatically and illogically.

5. Do not purchase unnecessary large quantities of goods.

6. Do not rush to buy unnecessary items.

7. Comparison of commodity prices at outlets.

8. Purchasing from alternative outlets, if the outlets you deal with witnessed an unjustified increase in prices. 

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