Nearly two-thirds of luxury spenders in the Mena region are now choosing to spend more of their money on enriching experiences rather than goods, a report said.

Nearly two-thirds (59 per cent) of luxury spenders in the Mena region are now choosing to spend more of their money on enriching experiences rather than goods, a report said.

This is markedly different from the results of a similar survey carried out by American Express Middle East in 2012 which showed respondents were most likely to spend their disposable income on tangible assets, such as high-end fashion and personal accessories, added the latest American Express Middle East Spending Survey.

The survey was conducted by market research firm YouGov across the Mena region. Looking specifically at Lebanon, 65 per cent of respondents say they prioritise spending on luxury experiences, which is above the regional average of 59 per cent.

In Lebanon, a majority choose to spend their money on holidays with 54 per cent ranking holidays their number one luxury spending priority, well above the regional average of 43 per cent. It also contrasts with the picture of the region as a whole where social events such as sporting activities tend to attract most spending.

When it comes to other experiences, Lebanese rank spending on members’ clubs as their second most important spending category with 50 per cent ranking this as important to them.

Mazin Khoury, CEO, American Express Middle East said: “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.”

Despite the focus on experiences, respondents in Lebanon are continuing to spend on luxury goods. Luxury food is the leading category of expenditure with 27 per cent of people nominating this as their number one focus. High-end electronics (23 per cent) and designer wear and fashion (21 per cent) make up the top three categories.

“Our Survey shows that increasingly Lebanese luxury spending is set to enable them to explore their passions and maintain their personal wellbeing through experiential luxury,” said Khoury.

“Overall, luxury spending on both goods and services is set to remain strong during the remainder of 2014 and 2015, and this supports the trends we’ve seen in the first half of 2014 which shows a significant increase in Cardmember spending,” Khoury concluded. – TradeArabia News Service