(MENAFN - Khaleej Times) Latest research from payment solutions provider Visa has revealed that the United Kingdom retained its position as the biggest spender in the UAE, closely followed by Russia and the United States.
Visa account holders from these three countries alone spent a total of 1.2 billion on Visa debit and credit cards during 2011- almost a third, or 29.7 per cent, of total tourism spending in the UAE.
Visa's latest "Tourism Outlook: UAE" report that uses VisaVue Travel data compares tourism receipts from across the UAE in 2010 and 2011. This year's report highlights the increase in spending from developing markets in the UAE, with the most impressive growth recorded in Angola that was up 89.1 per cent to 166.1 million. Visitors from Saudi Arabia contributed 326.3 million spending on their Visa cards in 2011, up 73.8 per cent from the previous year. Chinese Visa account holders spent 72.6 per cent more year-on-year with a total of 225.1 million spent in 2011.
This increase in visitors and spending from new source markets supports Dubai's increasingly strong position as a global hub, with airlines including Emirates, Etihad, flydubai and Air Arabia making the UAE more accessible to global travellers than ever before.
Somewhat surprisingly, given its proximity to the UAE and increased spending power among its growing middle class, India only recorded an 11.5 per cent increase to 141.3 million.
Most regions saw an increase in the average receipt size, which was up 4.8 per cent overall to 255, a positive sign that consumer confidence is on the increase around the globe. Chinese Visa account holders especially were spending more while visiting the UAE, with the highest increase in average transaction spend, up 29.1 per cent to just over 700 per transaction.
While spending in general merchandise accounted for the most spend, -- 1.2 billion spent in the "other retail" category that includes purchases on clothes, music, antiques and jewellery - the merchant segment that recorded the greatest year-on-year growth was the "steamships and cruise lines" category with a 641.2 per cent increase from the previous year. This could potentially reflect the boom in the UAE cruising industry as it becomes a prime destination for cruising tourism.
Department stores (35.8 per cent), and "other travel and entertainment" (31.3 per cent) were also among the fastest-growing categories.
November held the top spot for the second year running for the most amount spent with 449.9 million spent, up 27.9 per cent on the previous year.
"As the world's largest retail electronic payments network, Visa is in a unique position to provide insight into where and how visitors are spending their money. Our proprietary processing network allows us to analyse Visa data to identify global tourism spending insights. We use these insights to provide useful market data and intelligence to businesses to improve product offerings and marketing strategies that can best attract visitors and strengthen tourism competitiveness," Visa UAE general manager Marcello Baricordi said.
