Singaporeans take cashless shopping to record levels

Survey shows Singapore cardholders own the most number of credit cards across Asia, with an average of 3.3 cards per individual.

According to the survey carried out by HSBC on cardholders in general, Singapore also has among the highest proportion of multiple cardholders in Asia. Around three in four cardholders in Singapore (73%), Hong Kong (76%) and Taiwan (72%) hold more than one credit card.

HSBC also said, “As the classic cards market increasingly becomes saturated, the platinum cards segment is poised to grow, with over seven in ten (71%) cardholders in Singapore holding platinum cards in 2011, up from 68% over the previous year.” Singapore also registered the highest penetration of platinum card holders across Asia, followed by Taiwan (56%) and Hong Kong (41%).

In terms of spending, Singapore cardholders were the second highest spenders in the region with an average monthly spend of US$1,020 per month, up 19% over the previous year. According to the survey, the highest spenders in Asia were Australian cardholders, with an average monthly card spend of US$1,320 in 2011, while Hong Kong ranked third at US$730 per month.

“While Singapore cardholders use more than one card, they consolidate 77% of their card spending on their main card, a trend also seen in their regional counterparts, Hong Kong (78%) and Taiwan (77%). On the key drivers or perks influencing Singapore respondents on the choice of main credit card, attractive rewards programme (42%) is perceived as most important followed by attractive usage benefits (14%),” added HSBC.

The HSBC Credit Card Monitor survey interviewed around 5,000 general cardholders, mostly between the ages of 18 to 54, in eight markets including Hong Kong, Singapore, Taiwan, Malaysia, India, Australia, Indonesia and Philippines. This includes all credit cardholders, HSBC as well as non-HSBC. The survey was conducted face-to-face or via the telephone from May to November 2011.