SINGAPORE: Shoppers are spending more during the festive period - including Black Friday, Cyber Monday and Single's Day events - according to results from a survey of Visa cardholders in Singapore.
In a media release on Monday (Jan 11), Visa said that there was a close to 20 per cent increase in expenditure during the festive period in 2015, compared to the previous year. "The spike in consumer spending is driven by the popularity of international online and year-end festivities sales," said Visa.
The rise of these international events has also lengthened the traditional Christmas spending period to November, said the payments company.
“Based on VisaNet data, 20 per cent more Visa cardholders in Singapore are shopping online during these two months (November and December) as compared to the same period in 2014 and there is also a 20 per cent increase in the number of transactions,” said Ms Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
She added that Singles Day was getting more popular in the Republic, with a 28 per cent increase in the number of shoppers.
In December, Mastercard also noted an increase in Black Friday transactions. According to figures from the payments company, the total number of transactions made by Singapore cardholders on local e-commerce sites for 2015's Black Friday grew 27 per cent compared with 2014.
The amount spent in Singapore dollars on these sites also increased by 17 per cent, while the total number of transactions on Black Friday was 47 per cent higher than an average Friday, said Mastercard.
MORE SHOPPING ONLINE IN SINGAPORE
According to Visa's survey, more than 70 per cent of consumers here shop online at least once a month, compared to 59 per cent in the previous year. This is slightly more than the regional average of 68 per cent.
The Visa Consumer Payment Survey polled 500 people in Singapore, who cited convenience (45 per cent) and competitive pricing (31 per cent) as the main reasons they shop online. They also said they spent an average of 41 minutes on each online shopping session.
There was also six times more e-commerce transactions on transportation - which includes luxury liners and cruises - in 2015 compared to the previous year, said Ms Tyng.
MORE SHOPPING ON MOBILE TOO
Half of survey respondents said that they made purchases on their mobile device within the last year, especially for movie tickets , food delivery, and fashion and accessories. Close to 50 per cent of respondents also said they began shopping on their mobile device only a year ago.
The Visa survey also noted that 76 per cent of respondents preferred using payment cards over cash, compared to 58 per cent in 2014.
"In addition, 49 per cent of respondents report having more payment cards in their wallet now, compared to five years ago," said Visa.