A recent white paper by investment firm Shamal reveals a growing trend in Dubai toward prioritizing experiences over material goods. The report, based on a survey of 1,000 UAE residents from diverse nationalities, highlights a significant cultural shift driven by younger demographics.
According to a Time Out Dubai report, citing the study, more than half of respondents allocate up to 25% of their disposable monthly income to experiences like dining out, attending concerts, or traveling. Additionally, 26% expressed a willingness to spend even more on such activities. Notably, 85% of participants seek new experiences at least once a month, favoring them over luxury items such as clothing, jewelry, or gadgets.
The shift is attributed to the UAE’s younger population, particularly Gen Z and millennials, who value emotional fulfillment over material wealth. Entertainment and travel emerged as top choices, while retail therapy and expensive bucket-list purchases ranked lower in popularity.
Psychologists involved in the study emphasized the emotional benefits of experiences, which offer a deeper sense of self compared to the temporary satisfaction of material goods. Thomas Gilovich, a psychology professor at Cornell University, noted that social media also plays a role, as sharing experiences online often brings greater gratification than showcasing possessions.
B. Joseph Pine II, an expert in the experience economy, hailed Dubai as the “experience capital of the world,” commending its innovative approach to creating unique attractions that draw visitors and residents alike.
