63% of UAE residents prefer to receive Cash over physical gifts: Western Union Survey

Majority of UAE residents prefer to receive ‘cash’ gifts as opposed to physical gifts of the same value, with 63% of the respondents to a recently conducted gifting survey by Western Union, a leader in money transfers and global payments, preferring to receive AED 500 in cash rather than a gift worth AED 500. The survey also revealed that the preferred choice for cash gift recipients would be to save or invest the money with 33% followed by spending on treats for themselves (19%) and using it for basic necessities like gas, groceries or bills (17%).  

However, when it comes to gifting their loved ones, respondents are most skeptical about overspending as 64% expect to overspend in their quest to find the perfect gift for their family and friends despite making budgets. 59% of UAE residents surveyed are planning on making budgets, an increase of over 70% from the previous year. 

Sobia Rahman, Western Union’s Regional Vice President for the Gulf, Pakistan and Afghanistan said, “The UAE has a tradition of giving gifts of value, therefore it comes as no surprise to learn from the survey that giving and receiving cash is the most preferred gift. For those giving, gifting cash is a suitable option as it helps in controlling budgets, and avoid unforeseen costs and time commitment associated with physical purchases. In addition, cash gifts enable recipients to use it in the best way they see fit, whether it means buying a gift of their choice, saving or investing.” 

“Western Union is renowned for its speed and reliance, something all people need from a service when sending cash.  It is even more pivotal when you are sending to your loved ones during the festive season. Our business continues to revolve around customers and their needs through products, services and rewards”, added Rahman. 

To facilitate gift giving solutions this holiday season, and help consumers be mindful of their budgets, Western Union is offering "AED500 for AED25" – consumers can send up to AED500 from participating Agent locations to loved ones across the world for AED 25.