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Qatar overtook Russia on a list of the top spenders in the United Arab Emirates (UAE) last year, as low oil prices and currency changes curbed spending habits, according to a study of credit and debit card usage.
Network International's full year 2015 consumer spending report, released in March, found UAE-issued credit and debit cards recorded a 13 percent increase in expenditure last year.
The report found overall card expenditure rose 9 percent, with the United States, Saudi Arabia, Qatar and Kuwait following the UAE on a list of the top five biggest spenders.
Expenditure on Gulf-issued cards increased 15 percent last year, while North American spending was up 12 percent. Russia fell out of the top five and was replaced by Qatar, with Qatari cardholders recording a 50 percent increase in food and beverage expenditure. Across the region, Saudi-issued cards recorded a 48 percent increase in spending, while Lebanese cardholders remained the highest per purchase spenders in the region.
Russian-issued cards, traditionally ranked among the highest on the list, saw expenditure down by nearly half compared to 2014, mainly due to the steep decline in oil prices and the devaluation of the Russian currency.
Currency and stock market fluctuations also saw a 13 percent decline in Chinese-issued cards, while the United Kingdom bucked the trend, with British-issued cards recording a 9 percent increase year-on-year, despite the British Pound depreciating against the UAE dirham.
France and Australia also fell down the list from ninth and tenth places last year, being replaced by Nigeria and India, respectively. Australian cards were down 12 percent, while the French recorded a 14 percent decline.
"Australia's heavy dependence on China for the consumption of its natural resources and depreciation of the Euro are one of the major factors which led to a decline in tourist spends," the report said.
(Writing by Shane McGinley)
© Zawya 2016
