SINGAPORE - MasterCard holders spent US$1.6 billion ($2 billion) at this year's Great Singapore Sale (GSS), which ran from May 30 to Jul 27.
This was an increase of 11.2% from last year.
Tourist spending made up about a third of total spend, as total overall visitor spend by MasterCard cardholders grew 7.6% to US$491 million. The number of transactions increased by 18.5% to US$3.3 million.
The top five visiting spenders remained unchanged from last year, with cardholders from Australia and Malaysia retaining their first and second positions, followed by China, Japan and Indonesia.
Singapore-based cardholders spend about US$1.17 billion, 12.8% more than compared to the same period last year. More chose to pay with their credit cards, with more than 1 million transactions recorded this GSS, totalling 10.2 million transactions by Singapore-based cardholders.
Electronic payments have also increased, as transactions on MasterCard cards during the GSS period have grown at an average of 1.5 million additional transactions each year since 2010. This trend is likely due to the rise in contactless payments, which jumped by more than 25% during this GSS, said MasterCard.
President of the Singapore Retailers Association, Jannie Chan, said the pick-up in spending by Singapore and visiting MasterCard cardholders during the Great Singapore Sale is certainly encouraging."