Tourists spend up at Great Singapore Sale
In this article (5)
While this week’s retail sales figures data may have subdued expectations of Singapore’s retail sector, another set of figures just out will do little to change the mood.
Spending data from MasterCard suggests the Great Singapore Sale has delivered a significant increase in retail spending by tourists, especially in the food and beverage sector.
According to MasterCard, the value of goods and services spent by tourists using its cards rose 9.9 per cent year on year, to S$350.6 million during the first month of the promotion.
The number of transactions rose 17.8 per cent to 2.01 million, compared with 1.7 million last year.
But Singaporeans failed to respond. Spending by locals fell 12.7 per cent in 5.1 million transactions, about 7.2 per cent less than last year. Spending on Singapore-issued MasterCards represented about double the amount of tourists, or $684.9 million.
By card origin, Australia was the biggest source of spending during the Great Singapore Sale period from May 29 to June 28, with $39.5 million splurged, mainly at restaurants.
Malaysians were next, spending mainly on electronics, followed by Chinese in speciality retail stores and Japanese – up from sixth in 2014 – mostly on restaurant meals.
So while local spending was disappointing the increased cashflow from offshore shows Singapore is retaining its regional appeal as a tourist destination.
Questions & Answers
Q.Did the Great Singapore Sale also boost spending among local residents?
Did the Great Singapore Sale also boost spending among local residents?
No, local spending actually fell by 12.7 per cent during the Great Singapore Sale. This was across 5.1 million transactions, which was about 7.2 per cent less than the previous year.
Q.Which country contributed the most tourist spending during the Great Singapore Sale?
Which country contributed the most tourist spending during the Great Singapore Sale?
Australia was the largest source of tourist spending, with S$39.5 million spent. This spending was mainly concentrated in restaurants during the promotion period.
Q.What was the total value of goods and services tourists spent using MasterCard during the sale?
What was the total value of goods and services tourists spent using MasterCard during the sale?
Tourists spent S$350.6 million on goods and services using MasterCard during the first month of the promotion. This represented a 9.9 per cent increase year on year.
Q.What types of purchases were popular among Malaysian and Chinese tourists?
What types of purchases were popular among Malaysian and Chinese tourists?
Malaysian tourists primarily spent on electronics. Chinese tourists, on the other hand, mainly made purchases in speciality retail stores.
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