DOHA: Luxury spenders among cash-rich Qataris are now spending more on fine dining and other luxury experiences than luxury goods, says a study.
That way, nearly two-thirds (59 percent) of luxury spenders in the entire Mena region are now choosing to spend more on enriching experiences rather than goods, the study said.
According to a new American Express Middle East Spending Survey, some 70 percent of respondents in Qatar say they prioritise spending on luxury experiences over luxury goods.
Qatar, thus, ranked third out of the eight countries in the preference for experiences, a press statement detailing the findings of the survey said yesterday.
This is markedly different from the results of a similar survey conducted by the American Express Middle East in 2012, said the statement.
The 2012 survey showed that respondents were most likely to spend their disposable income on tangible items such as high-end fashion, electronics and latest cars.
The majority of Qataris regard spending on luxury experiences such as holidays, hobbies and fine dining as important for personal wellbeing and enrichment.
Across the region, 47 percent of consumers rank social events, such as attending sporting activities, as their number one choice for spending their hard-earned income while holiday experiences come close behind with 43 percent.
Qataris, though, differ from their Arab counterparts with fine dining ranked as their number one choice with 46 percent rating this as their preferred luxury experience, followed by holidays and personal wellness activities such as spa days. In terms of buying luxury products, 18 percent of Qataris rated fashion as their top choice for spending on luxury goods.
However, cars and jewellery, including prestigious time pieces, are the preferred categories for Qataris. In both, though, Qataris rank second highest spenders in the region, behind Saudi Arabia for cars, and Kuwait for jewellery. Luxury spending by Qataris is set to remain robust during 2015, with 19 percent planning to spend more on luxury goods and services next year.
However, with 18 percent planning to spend less on luxury in 2015 than this year, this is higher than any other GCC country, with respondents attributing the fall in spending to changing personal circumstances, the statement said.The Peninsula
