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Sun 6 Mar 2016 02:46 PM

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Luxury travel to remain strong in MidEast region

Travel agents reveal outbound luxury travel from the Middle East was up 9 percent in 2015

Luxury travel to remain strong in MidEast region
(Image for illustrative purpose only - Getty Images)

Luxury travel will remain strong in the region despite low oil prices and economic slowdown, according to travel analysts and agents.

Ipsos market research firm told local media that outbound luxury travel from the Middle East was up 9 percent in 2015, and that the number is expected to remain steady. It said 14 percent of residents spend an average of $7,000 on family trips.

Last year, the UAE reported 1,275 people with net assets of over $30 million, accounting for $225 billion of global wealth. The same year, the Middle East reported 5,975 people with net assets equalling $995bn.

This prompted travel companies, which organise trips that cost from between $10,000 to $1 million, to open offices in the region.

One such company, luxury tour operator Magnificent, expects tourists from the GCC to make up 20 per cent of clientele travelling to the Greek island of Mykonos this year.

It said the average spend per client is around $11,000. This covers accommodation, luxury transportation like yachts and helicopters, and food and beverage.

It added that the average age of the luxury Gulf traveller is 25 and that of the Western expat is 30.