Shifting Perspectives: The Rise of Experiences Over Materialism in Dubai
A recent report has unveiled a fascinating trend among residents of Dubai: a significant decline in interest towards material possessions. According to a white paper published by the investment firm Shamal, there is a noticeable shift towards valuing experiences over the traditional lure of shopping. The findings indicate that people derive more enduring joy from experiences, such as attending concerts or dining at upscale restaurants, than from acquiring luxury items like high-end clothing, jewelry, or the latest gadgets.
This white paper emerged from Shamal’s comprehensive UAE Experience Survey, which engaged 1,000 residents from diverse nationality backgrounds about their spending habits. The survey revealed that in Dubai and across the UAE, over half of the respondents allocate up to 25% of their disposable monthly income on experiences. Additionally, 26% expressed willingness to increase their spending on such activities, and an impressive 85% reported seeking new experiences at least once a month.
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The report highlights a transformation in the demographic landscape of the UAE as a contributing factor to this evolving mindset. With the population becoming increasingly younger, it was observed that Generation Z and younger millennials are more inclined towards life experiences rather than material acquisitions. Popular experiences in Dubai include cinematic outings, fine dining, and travel, while traditional retail therapy and expensive bucket-list purchases ranked lower in preference.
This pivot can also be attributed to a global trend towards the experience economy, fueled by a heightened focus on emotional well-being. Psychologists involved in the study noted that the emotional rewards derived from experiences provide individuals with a more profound sense of self compared to the fleeting satisfaction of owning material goods. Thomas Gilovich, the Irene Blecker Rosenfeld Professor of Psychology at Cornell University and co-director of the Cornell Center for Behavioral Economics and Decision Research, commented on the role of social media in this trend. He stated:
“Psychologists distinguish between intrinsically motivated and extrinsically motivated activities. Engaging in tourism merely to showcase it on social media lacks the emotional fulfillment that comes from pursuing activities for their intrinsic value. In today’s social media landscape, the ease of bragging has rendered experiential consumption as competitive as material consumption.”
B. Joseph Pine II, a renowned expert in the experience economy, described Dubai as the epicenter of experiential offerings in the Shamal white paper. He remarked:
“Dubai is the experience capital of the world. The city has strategically entered the experience sector to attract tourists and residents alike. It involves crafting innovative, unprecedented experiences that require a high degree of creativity.”
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