Charge it: MasterCard users’ spending up 48% to a record US$1.32b

Both locals and tourists spent a total of US$73.5m on dining out during the Great Singapore Sale.

The top spend category for both Singapore-based and visiting MasterCard cardholders this GSS was also Eating Places and Restaurants. Both local and tourist MasterCard cardholders spent US$73.5 million dining out.

The Great Singapore Sale 2011 concluded with a 48% increase in total spend by both local and tourist MasterCard cardholders. The total spend over the two-month period of the GSS (27 May – 24 July 2011) crossed the US$1 billion mark to hit US$1.32 billion, as compared to the US$839.2 million recorded in the same period last year (28 May – 25 July 2010). Meanwhile, the total number of transactions rose 28% to 9,185,457, indicating that on average, shoppers were spending more per transaction.

Spend by Singapore-based MasterCard cardholders saw a 49% spike to US$865.8 million, while the number of transactions increased by 29% to 7,107,817. This was almost equivalent to the total number of transactions made by both local and tourist MasterCard cardholders during the GSS in 2010 (7,197,885).

Visiting MasterCard cardholders spent US$452.9 million and made 2,077,640 transactions during the Sale. The total spend and number of transactions went up by 44% and 22% respectively as compared to the same period last year. Cardholders from the US, Malaysia, Australia, Indonesia and Japan emerged as the top spenders for the GSS 2011, consistent with last year.

“This year’s record GSS spend is a testament to the continued appeal of the highly anticipated annual Sale. It also reflects the findings of the latest MasterCard Consumer Purchasing Priorities survey where Singaporeans stated they are planning to maintain a high level of discretionary spending in the coming months. Retail spend continues to be closely linked with consumer confidence, and the Sale results clearly indicate a positive economic outlook, not merely from Singaporeans, but tourists as well,” said Julienne Loh, vice president and country manager, Singapore, MasterCard Worldwide.

Other key highlights of the full sale period include:

The top category of spend for Singapore-based MasterCard cardholders was Eating Places and Restaurants, consistent with spend recorded after the first weekend and first month of the Sale. Singapore-based MasterCard cardholders spent 28% more on dining out against the GSS 2010, while the number of transactions held steady with a slight increase of 2%.

Reaffirming Singapore’s status as a food paradise, the top spend category for both Singapore-based and visiting MasterCard cardholders this GSS was also Eating Places and Restaurants. Both local and tourist MasterCard cardholders spent US$73.5 million dining out this GSS, up 30% from the same period last year. The number of transactions increased by 4% to 890,138, indicating that shoppers were spending more dining out.

Mirroring the trend from last year, the top five markets in terms of tourist spending were the US, Malaysia, Australia, Indonesia and Japan, with shoppers from all five countries spending more than the year before. The top three markets in terms of tourist spending, namely US, Malaysia and Australia, recorded an average of a 50% jump in total spend against last year’s figures.

Of note, Malaysians made 57% more transactions compared to last year’s GSS, but total spend increased by a smaller percentage (52%). This indicates that MasterCard cardholders from Malaysia were on average making smaller-ticket purchases. Meanwhile, although total spend for MasterCard cardholders from Australia and Japan increased by 51% and 17% respectively, it is interesting to note that the number of transactions made by these cardholders dipped by 9% and 6% respectively. This shows that Australians and Japanese were spending more per transaction this GSS.