Middle East luxury retail spending on the rise

Spending on premium goods and experiences by consumers in the Middle East is on the rise, according to the new American Express Middle East Luxury Spending Tracker. The tracker said that in all markets except the UAE, consumers plan to increase spending on luxury goods and experiences through to the end of 2012, as their personal circumstances improve. The American Express Middle East Luxury Spending Tracker surveyed a random sample of 1,000 residents drawn from Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar and the UAE. It found that residents of Qatar are the biggest buyers of luxury goods across the Middle East, closely followed by consumers in Bahrain. It said Qataris spend up to $5,000 a month on luxury goods, while consumers in Oman and Jordan are the most conservative shoppers in the region - spending less than $250 per month. “Consumer attitudes towards spending have begun to improve significantly and there is a noticeable rise in spending on luxury goods and experiences across the region,” said Mazin Khoury, CEO, American Express Middle East. Luxury products such as cars, high end electronic goods and fashion accessories were identified by respondents as preferred purchases over experiential luxury such as holidays and spa treatments this year. Fashion topped the list of preferred purchases in 2012, with 37 per cent of respondents saying they enjoy shopping for fashion-related items. Cars were also a leading luxury purchase in 2012, with 31 per cent of respondents planning to buy new vehicles this year. From Gulf Today