Charge it: Spending of MasterCard users in Singapore up 49%
A total of US$676.6 million was spent over the first month of the Great Singapore Sale.
Both local and tourist MasterCard cardholders spent US$676.6 million over the first month of the Great Singapore Sale from May 27 to June 25 2011, an increase of 49% versus the same period last year from May 28 to June 26 2010. Overall, the number of transactions rose 28% to 4,720,996 this year.
Spend by Singapore-based MasterCard cardholders went up by 52% to US$450.3 million, while transactions increased by 30% to 3,687,127.
Meanwhile, tourist spending went up 43% compared to the same period last year, with visiting cardholders buying US$226.3 million worth of goods and services. Cardholders from the United States, Malaysia, Australia, Indonesia and Japan were the biggest spenders in the first month of the GSS, similar to the same period last year.
“Shoppers have once again responded well to the island-wide savings and privileges on offer during the Great Singapore Sale. The GSS has become a valued platform for local and international retailers and a great shopping experience for consumers. The encouraging spend recorded by MasterCard cardholders in the first half of the Sale is an indication that shoppers, both locals and tourists, are realizing savings with the many deals lined up for them. With a few more weeks left to the GSS, we hope shoppers will take the opportunity to enjoy more savings with their GSS buys,” said Dato’ Dr Jannie Chan, President, Singapore Retailers Association.
Miss Ranita Sundra, Director, Attractions, Retail and Dining, Singapore Tourism Board said, “As one of Singapore’s marquee events, the GSS remains an important fixture on our events calendar and is a strong contributor to our tourism numbers. With amazing discounts, offers and special activities, it is an event that is eagerly anticipated every year by both locals and visitors alike.”
Other key highlights of the first month include:
· Mirroring the trend observed during the first weekend of the GSS, the top category of spend for Singapore-based MasterCard cardholders over the first month of the Sale was Eating Places and Restaurants. Singapore-based MasterCard cardholders spent US$32.2 million dining out in the first month of the Sale. This is up 29% as compared to the same period last year. The number of transactions at Eating Places and Restaurants was also up 17% from the same period last year at 403,624.
· Similarly, dining continued to be a key part of the Sale experience for both local and tourist MasterCard cardholders with a significant increase in expenditure of 31% from last year to US$38 million. This was in relation to a 4% increase in spend at Eating Places and Restaurants to 458,929, indicating that tourists are spending more on dining out.
· MasterCard cardholders emerged as top tourist shoppers during the first month of the Sale, spending US$33.4 million, up 52% from last year. Tourists from the region in Malaysia and Australia registered an exponential increase (50% and 53% respectively) in expenditure compared to the same period last year. MasterCard cardholders from Indonesia and Japan also spent more during GSS this year - 36% and 18% respectively compared to last year.