Hi UAE super-rich seek luxury experiences.

Hi UAE super-rich seek luxury experiences.

"Do you know what the super-rich UAE residents are spending their money on?"

Luxury or life-enriching experiences – such as going to a motor racing event, dining in a glitzy restaurant or travelling to expensive holiday destinations – top the list, according to research.

The American Express Spending Survey 2014 reveals that nearly two thirds (59 per cent) of Mena luxury consumers spend most of their money on luxury experiences, instead of premium goods.

Meanwhile, 47 per cent, 45 per cent and 35 per cent of UAE respondents ranked holidays, social calendar events and fine dining as the most rewarding luxury experiences, respectively.

The reasons why the affluent enjoy spending on such experiences include the need for being relaxed, entertained and for personal well-being, the survey adds.

Mazin Khoury, CEO of American Express Middle East, says: “In recent years, although we’ve seen a major shift in the way people spend and make luxury purchases and investments, they increasingly prioritise buying luxury experiences and the memories that go with them.

“For UAE consumers, the personal fulfilment gained from a holiday or the special experience of attending a major sporting event creates enriching moments that are increasingly regarded as the most valuable when it comes to luxury spending,” he adds.

One thing seems likely, however; luxury spending on both goods and services is set to remain strong until the end of the year and well into 2015.