Spending Up 23% on First Weekend of Great Singapore Sale

Despite concerns of inflation and a global recession, shoppers were out in full force during the first weekend of the Great Singapore Sale (23 - 25 May 2008). Consumers were out snapping up the various deals and bargains available, leading to spend by MasterCard cardholders increasing 23% from the same period last year last year (25 - 27 May 2008). Spend for the first weekend of the Sale stood at US$37.2 million, with the number of transactions also rising slightly (0.5%) to 311,599.

Spend by Singaporean shoppers continued to be strong, increasing 25% from US$19.7 million last year to US$24.6 million this year. The number of transactions by Singaporean cardholders rose 5%, to 247,609. Tourists were also out making full use of the privileges available with their MasterCards, with spend up 20% to US$12.7 million.

"The Great Singapore Sale offers consumers great deals and it is a time to pick up many bargains. Despite the increasingly uncertain economic environment, cardholders continue to show great support for the Sale, making full use of the Sale offerings to stretch their dollar. The GSS committee has worked hard to bring to consumers a wide array of privileges and we are glad to be providing cardholders the additional cost savings as they use their cards," said TV Seshadri, vice president and senior country manager, Singapore, MasterCard Worldwide.

Other key highlights of the first weekend include:

Dining continued to be a key aspect of the Sale experience, with cardholders chalking up US$3.3 million at eating places and restaurants, an increase of 29% from the first weekend of GSS 2007. While fewer transactions were being made in departmental stores as well as shops selling clocks, jewellery, watches and silverware, both categories registered a healthy double-digit increase in spend from the same period last year.

The top categories of spend by cardholders in Singapore remained consistent with last year, with dining continuing to be a key area of expenditure during the Sale.

In terms of tourist spend, cardholders from Australia overtook cardholders from the United States as top spenders for the first weekend of GSS 2008. Cardholders from Australia spent a staggering 74% more than last year, as they made the most out of the various deals and privileges.

Despite the drop in spend from cardholders from the United States, they continued to contribute to a large proportion of tourist spend during the first weekend of the Sale, making up the second largest group of spenders. Cardholders from the United Kingdom came in as the third largest group of spenders, spending 48% more than last year.

Clocks, jewellery, watches and silverware were favourites with tourists, with the category being the top category of spend for cardholders from Australia and the United Kingdom.

Interestingly, the top category of spend for cardholders from the United States was at music stores, where they bought US$85,311 worth of products. This included the purchase of musical instruments such as pianos and music sheets.

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