Nearly two-thirds of luxury spenders in the MENA region are choosing to spend more of their money on holidays rather than goods, according to the American Express Middle East Spending Survey. The survey’s results showed a shift in luxury spending habits from 2012, when respondents were most likely to spend their disposable income on tangible assets, such as high-end fashion and personal accessories.
The survey was conducted by YouGov across the MENA region and included a random sample of 853 respondents earning more than $64,000 per annum.
The respondents were drawn from Bahrain, Jordan, KSA, Kuwait, Lebanon, Oman, Qatar and UAE, and were polled in face-to-face interviews.
In Lebanon, 65 percent of respondents said they prioritize spending on luxury experiences, compared to a regional average of 59 percent.
As well, 54 percent of respondents in Lebanon said holidays represented their top luxury spending priority, compared to a regional average of 43 percent.
When it comes to other experiences, Lebanese rank spending on members’ clubs as their second most important spending category.
“Over recent years, we’ve seen a major shift in the way people spend and make luxury purchases and investments. Increasingly they are focusing on buying experiences, and the memories that go with them. Our survey shows the Lebanese are very focused on holidays, choosing to relax and enjoy time away from their day-to-day lives,” said Mazin Khoury, CEO of American Express Middle East.
However, despite the focus on luxury experiences, respondents in Lebanon are continuing to spend on luxury goods. Luxury food is the leading category, with 27 percent of votes, followed by high-end electronics at 23 percent, and designer wear and fashion ranked third at 21 percent.
