Dubai: High-income earners in the UAE are expected to spend more on life- enriching experiences such as travel, attending concerts or a Formula 1 event than buying a car or the likes until 2015, a survey by American Express revealed on Wednesday.

“For UAE consumers, the personal fulfilment gained from a holiday or the special experience of attending a major sporting event creates the enriching moments, which are increasingly regarded as the most valuable when it comes to luxury spending,” Mazin Khoury, CEO of American Express Middle East said.

The survey said 47 per cent of the respondents from the UAE, with whom face-to- face interviews were conducted, will spend on luxury experiences and another 45 per cent will allocate their income on social events. Another 35 per cent were expected to spend on fine dining and a quarter will spend on high fashion or designer wear.

While on holidays, the respondents said their number one priority was luxury accommodation and sightseeing.

In 2012 the survey showed high-income earners wanted to spend more on cars and high-end fashion items.

“The UAE is demonstrating robust spending on luxury goods and experiences, reflecting an overall regional trend which sees the majority of high earners planning to spend the same or more on luxury in 2015,” Khoury said.

Dubai continued to be the number one destination for luxury shopping across the Mena region, with 68 per cent preferring it over other destinations, while Abu Dhabi was the second preference for shopping among 19 per cent of the participants across Mena (Middle East and North Africa).

Among UAE residents, more than three-quarters placed Dubai ahead of every other major capital as the place to shop.

Spending still strong

Overall, luxury spending on both goods and services is set to remain strong during the remainder of 2014 and 2015, supporting the trend the company witnessed in the first half of 2014, which showed a significant increase in card member spending, Khoury said.

Overall regional spending on luxury experiences and goods is set to grow in the next 12 months with the majority of respondents expecting to spend more on luxury in 2015. In the UAE specifically, 33 per cent of respondents expect to spend more on luxury goods and services in the coming months.

The American Express Middle East Spending Survey was conducted by YouGov.