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14 April 2024

Upper affluent segment fastest growing in the GCC

By Staff

Upper affluent segment with a monthly income of $5,000 (Dh18,350) is the fastest growing section of the society in the Gulf region, according to a study conducted by global payments technology company Visa.

Marcello Baricordi, General Manager for Visa in the UAE, said: “Our research revealed that 62 per cent of upper affluent people travel regionally and 95 per cent travel internationally, both for business and pleasure. Approximately 50 per cent stayed at a five-star hotel on the last trip in the region; and used also to book direct through airline/hotel website (58%).”

Around 92 per cent of these upper affluent customers, according to Baricordi, in the UAE shop at major shopping malls and dined at high-end restaurants/hotels (69 per cent).

In order to target these upper affluent customers, the global payments technology company has launched its exclusive Visa Signature premium card in the UAE.

The event was attended by Kamran Siddiqi, General Manager for Visa in MENA, and Marcello Baricordi.

”This launch marks a major milestone for Visa and our banking partners in the UAE as we roll out a truly unique product in our portfolio, first in Central Europe Middle East and Africa region,” Baricordi said.

“An innovative product, the Visa Signature Platform is the result of extensive research undertaken here, locally in the GCC, to build an exciting value proposition targeting the upper affluent customers of the region. A platform that fulfill the needs of customers that are pragmatic and status-oriented, aspiring at recognition and differentiation, seeking unique privileges, enhanced offers and higher rewards for their lifestyle” Baricordi added.