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SINGAPORE : A gloomy global economy failed to dampen the spirits of shoppers at this year's Great Singapore Sale.
According to MasterCard, local and foreign cardholders spent a total of US$701.1 million during the full two-month period of the sale, up 19 per cent from last year.
This was despite a marginal 2 per cent decrease in total transactions to 5.4 million.
Spending by Singaporean cardholders surged even more, rising 25 per cent to US$452.7 million, with 5 per cent more transactions at 4.2 million.
MasterCard said that the figures confirm its Worldwide Index of Retail, which showed that Singaporeans are the most optimistic consumers in the Asia-Pacific, with a bright outlook on the economy, employment and regular income for the second half of the year.
In terms of sectors, dining was the biggest draw for Singaporeans, with US$46 million being spent at eateries.
However, they also increased their spending on clocks, jewellery and silver wear by 12 per cent to US$17.7 million. - CNA/ms
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