AmEx Finds Persian Gulf Spending Shifts to Basics Amid Oil Slump - Bloomberg:
"More affluent residents and citizens in oil-rich Persian Gulf countries are holding back on luxury spending, focusing instead on basic needs amid concerns over jobs and the health of the economy.
A regional survey commissioned by AmEx (Middle East) BSC, a joint venture between American Express Co. and Mawarid Group, found 20 percent of respondents reduced spending on luxury goods and services in 2015, compared with a 13 percent decline a year earlier. While respondents who earn over $75,000 a year are changing the composition of their spending, most plan to maintain or increase consumption this year, the survey found.
People are still "optimistic about how much they will be spending in 2016 despite the economic conditions in the region," Mazin Khoury, Chief Executive Officer of American Express Middle East, said in an interview in Doha on Tuesday. "They are not saying we are definitely looking at a bad year.""
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