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Spending by the UAE’s rich on the rise
July 22, 2013 9:31 by kippreport
As much as the wealthy in the UAE love to spend their money on family holidays, dining out and enjoying the finer things in life, they also find it important to donate money to charity.
According to the Visa Affluent Study 2013, saving is also important to the country’s affluent – with more than 70 per cent of them saving an average of AED8, 805 every month – and younger women under 30 being the biggest savers in this category.
The study, conducted across Asia Pacific and the Middle East, looked at affluent consumers’ spending habits, priorities, optimism about the future and indexed their propensity to spend on discretionary items in the future.
Among all the surveyed countries, the UAE ranked 5th in terms of individual plans for future discretionary expenditure with increased spending to be dominated by charity donations and holidays.
The country’s well-off are optimistic and confident about the local economic fortunes, and while they have a cautious outlook on the prospects of the global economy, they anticipate personal incomes to increase in the coming year.
China followed by India and Indonesia, are the countries with the most positive outlook on the economy that, in turn, led them to state that they were planning to spend more on discretionary items over the coming year.
Regionally, family holidays, donations to charity and evenings out emerged as the top drivers of future discretionary expenditure.