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|09 January, 2019

What would you rather lose: Wallet or phone?

Globally, 41% of people would prefer losing wallets to their phones.

What is close to your heart? Make a choice - would you prefer your wallet over your phone?

A survey conducted by global consultancy KPMG has revealed interesting results which showed that over one-third - 36 per cent - of UAE consumers would prefer losing their wallets to mobiles and 64 per cent would prefer losing mobile.

Globally, 41 per cent people would prefer losing wallets to their phones. Chinese consumers are highly mobile-centric because, according to the survey, 73 per cent would rather lose their wallets than their phones, in stark contrast to any other country surveyed.

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Similarly, Indians love their mobile phones more as the majority of them - 55 per cent - prefer to lose their wallets to their handsets, according to KPMG's "Me, My Life, My Wallet" report.

In a survey conducted across 8 countries, Canadians showed the least love for their gadgets as 25 per cent preferred to lose their wallets than mobile phones.

Personal data?

UAE consumers are increasingly relying on technology and have a growing desire to be connected, with 67 per cent stating that they see value in harnessing the power of technology, reveals the KPMG survey.

Almost half of the all UAE consumers interviewed were impressed with how much a smartphone could help them manage their schedules. With 97 per cent receiving their news online and 93 per cent on social media, this level of enthusiasm for digital world innovation was beaten only by the smartphone-crazy consumers in China and India.

When asked about trading their data for personalisation or better deals, UAE consumers were midway between the privacy-conscious Europeans and the more carefree consumers in China or India, with 23 per cent saying they would not trade their data at all.

Interestingly, despite recent global data breaches, 78 per cent of UAE consumers feel comfortable sharing their data with retailers and other institutions, but they would be more likely to do so if they saw tangible value.

When asked about trading their data for personalisation or better deals, UAE consumers were midway between the privacy-conscious Europeans and the more carefree consumers in China or India, with 22 per cent saying they would not trade their data at all.

"Today's consumers grow more complex with every passing day - and there is a greater need to understand them more intimately. This is putting more pressure on brands to deliver increasingly personalised experiences in today's hyper-connected and informed world," said Farhan Syed, Partner, Digital and Innovation at KPMG Lower Gulf.

"We believe that there is a tremendous need to understand consumers' expectations, especially regarding their data, and it is imperative that organisations do not take this for granted in the future," he said.

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