February 07, 2011
Singapore, 7 February 2011: Consumers in Singapore are living up to their food-lovers reputation as they continue to make Dining and Entertainment their top spending priority for the next six months. According to the MasterCard Survey on Consumer Purchasing Priorities released today, 74% of consumers in Singapore said they would spend on Dining and Entertainment in the next six months, the highest indicated level since the survey began, representing a growth of four points from six months ago. This is behind four other markets - Vietnam (89%), Korea (78%), India (75%) and Hong Kong (75%) – in the Asia/Pacific region. Dining and Entertainment has topped Singaporeans’ list of purchasing priorities for three years running.
Meanwhile, Consumer Electronics ties with Fashion & Accessories in second place at 58%, with International Personal Air Travel placing third on Singaporeans’ purchasing priorities at 45%.
The MasterCard Survey on Consumer Purchasing Priorities provides valuable insights into consumers’ discretionary spending priorities for the six months ahead. The latest survey was conducted from 13 September to 11 November 2010 and involved 10,502 consumers from 24 markets across Asia/Pacific, Middle East and Africa. In Singapore, 401 consumers were polled in this survey. Data collection was via internet surveys, personal, telephone and computer aided telephone interviews. The Survey and its accompanying reports do not represent MasterCard financial performance.
The survey also shows that over half (58%) of consumers in Singapore plan to maintain the same level of discretionary spending in the next six months, a slight dip from 60% six months ago. Meanwhile, 19% of Singaporeans intend to increase their spending, compared to 16% six months ago and 23% are planning to decrease their spending, down one percentage point from the second half of 2010.
In Asia/Pacific, Vietnam (62%), Australia (59%) and Korea (59%) have the highest percentage of consumers planning to maintain their level of discretionary spending, while countries with the highest percentage of consumers planning to increase their level of discretionary spending in the next six months are China (31%), Hong Kong (29%) and India (26%).
In 2010, the top spend category amongst MasterCard cardholders in Singapore was Restaurants/Bars. This is in line with what Singaporeans indicated would be their top spending priority – Dining and Entertainment – in the MasterCard Survey on Consumer Purchasing Priorities in 2010. Other top spend categories in 2010 include Airlines, Healthcare, Clothing Stores and Food Stores.
Julienne Loh, vice president and country manager, Singapore, MasterCard Worldwide, said, “Singaporeans have once again put dining and entertainment at the top of their spending priorities, reflecting the local culture behind Singapore’s reputation as one of Asia’s leading hotspots for food and fun. It is also encouraging to note that there is significant upward movement for the top three spending priorities. These are the key contributing factors pointing to an expected increase in discretionary spending by Singapore consumers in the coming months.''
 Markets surveyed include Australia, China, Egypt, Hong Kong, India, Indonesia, Japan, Kenya, Kuwait, Lebanon, Malaysia, Morocco, New Zealand, Nigeria, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Singapore, Taiwan, Thailand, United Arab Emirates and Vietnam.
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.