The Middle East is now a major destination for luxury travel, according to a recent Mastercard report.
Among the most popular destinations, Istanbul, Dubai, Cairo, Jeddah and Marrakech emerged as the most visited cities. Of these cities, Dubai is where HNWIs spend the most, with an average spend (per card) of $814.
This figure compares to visitors traveling to London or Paris in 2022, spending $300 more per card ($300 more per card). Saudi Arabia is also a destination where affluent travelers like to spend money, with an average card spend of $731.
The report shows that high net worth travelers now account for approximately 36% of global travel spending. Millennials make up the highest percentage of luxury seekers, followed by Generation Z.
Middle Eastern travelers are among the highest spenders in the luxury travel market, both regionally and globally. For example, Kuwaiti tourists spend an average of $3,390 per card in Paris, which is five times more than American tourists.
Within the Gulf Cooperation Council (GCC), Generation X (those born between the mid-1960s and 1970s) is expected to drive tourism. By 2028, they are expected to spend $11.1 billion on outbound travel, accounting for 41% of the total Saudi outbound market value of $27 billion. In the UAE, Generation X is expected to spend $18.2 billion by 2028, accounting for 60% of the $30.5 billion value of the (UAE outbound travel market).
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