Charge it: Spending of MasterCard users in Singapore up 66%

Almost $50 million was spent by Singapore-based MasterCard cardholders during the first weekend of the Great Singapore Sale. This is a 66% increase compared to the same period last year (28-30 May 2010).

Meanwhile visiting MasterCard cardholders spent $23.1 million over the first weekend of the Sale, an increase of 58% from last year. The number of transactions made by visiting MasterCard cardholders over the first weekend also increased 24% from last year to 103,937.

Over the first weekend, both Singapore-based and visiting MasterCard cardholders spent a total of $72.4 million, an increase of 64% compared to the $44.3 million spent last year. The total number of transactions also saw a 25% increase from last year, reaching 518,366.

Julienne Loh, vice president and country manager, Singapore, MasterCard Worldwide, said, “The positive growth in MasterCard cardholder spend and transactions over the first weekend reflects the GSS’ ability to remain attractive and relevant to both Singaporeans and tourists. The significant increase in spend by Singapore-based MasterCard cardholders signals the spending power of consumers in Singapore and is very much in line with the strong consumer confidence revealed in our latest MasterCard Worldwide Index of Consumer Confidence survey.”

The top category of spend by MasterCard cardholders in Singapore during the first weekend of the GSS 2011 was Eating Places and Restaurants. The number of transactions made at Eating Places and Restaurants was 49,905, a slight 1% dip from last year. Despite this dip, total spend at Eating Places and Restaurants saw an increase of 27% from the corresponding period in 2010 to $4.0 million.