DUBAI — Innovation — rather than brand heritage or savoir-faire — drives Arab consumers in their choices of luxury goods, according to market research firm IPSOS.
“This is a key difference between Japan, France and Italy, where innovation ranks much lower than heritage when it comes to the reasons for purchasing,” said Rémy Oudghiri, head of consumer trends and insights at IPSOS, unveiling the results of a new survey at the Arab Luxury World summit here. “In the UAE and Saudi Arabia, it is the first reason why people purchase a product.”
The research also underscores that Arab consumers have the highest appreciation for luxury in the world.
“Middle East consumers are so eager to indulge themselves much more than other countries,” Oudghiri said, noting that when it comes to appreciation of luxury, Saudi Arabia, India and the UAE ranked the highest globally when consumers were posed the question “How much do you appreciate luxury on scale of 1 to 10?”