Spending on luxury good and experiences have been revealed by consumers in the new American Express Middle East Luxury Spending Tracker.
The Tracker revealed that in all markets except the UAE, consumers plan to increase spending through the end of 2012, as their personal circumstances improve and they develop greater awareness of brands and high quality products.
The Tracker surveyed a random sample of 1,000 residents drawn from Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar and the UAE. It was found that residents of Qatar are the biggest buyers of luxury goods across the Middle East, closely followed by consumers in Bahrain. Qataris spend up to US$5,000 a month on luxury goods, while consumers in Oman and Jordan are the most conservative shoppers spending less than US$250 per month.
“Consumer attitudes towards spending have begun to improve significantly and there is a noticeable rise in spending across the region,” said Mazin Khoury, chief executive officer, American Express Middle East.
In contrast to other countries in the region, consumer spend on food and dining out is remarkably high in the UAE, a likely reflection of the considerable array of international dining options in the country. Further when it came to shopping, Dubai is almost universally seen as the prime location for purchasing branded luxury products, selected by 65% of respondents. The emirate was named the preferred shopping destination by 88% of respondents from the UAE, 81% from Oman, 78% from Bahrain and 67% from Qatar.