Shopping splurge: Tourist spending climbs 10.5% in Great Singapore Sale 2014

Discover who the biggest spenders are.

Nothing beats buying things on a bargain. Despite recent blows to the country’s tourism industry, tourist spending in the first month of the Great Singapore Sale still rose this year, as visitors splurge on dining, luxury items, jewellery, and clothing.

According to MasterCard, spend by MasterCard cardholders saw an increase of 10.5% to US$881.5 million in the first month of the Great Singapore Sale (30 May – 29 June 2014), compared to the same period last year. In addition, the number of transactions rose 13.1% to 7.2 million this year as compared to the same period last year.

Spending from tourists during the first month of the GSS grew at a higher rate of 5% than the previous year (1.6%), to cross over a quarter of a billion to reach US$254.9 million. China took United States’ place this year in the top five markets by tourist spending, which also includes Australia, Malaysia, Japan and Indonesia.

Spend by Singapore-based MasterCard cardholders saw significant growth with a 13% increase to US$626.6 million, while the number of transactions has gone up by 11.8%, to hit 4.9 million in the first month of GSS 2014.

Restaurants and Bars remain the top category of spend for Singapore-based MasterCard cardholders over the first month of the Sale, with cardholders spending over US$90 million on dining out. This comes as no surprise as Singapore remains one of the top spenders in the Asia/Pacific region for dining.

“Retailers in Singapore have experienced the buzz and excitement that GSS brings, and the encouraging growth numbers are testament to that. This also confirms GSS as a valued platform and key retail event that not only Singaporeans, but also visitors from out of town look forward to, to get the best deals in Singapore,” said Dato’ Dr Jannie Chan, President of the Singapore Retailers Association.