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SINGAPORE: Local and foreign MasterCard cardholders spent nearly US$698 million during the Great Singapore Sale this year. That was only down half a per cent from the year-ago period despite a severe contraction in the economy this year.
And the number of transactions rose 13 per cent to around 6.1 million this year. MasterCard said this indicated that shoppers made a larger number of purchases this year, but on small-ticket items.
Executive director of the Singapore Retailers Association, Lau Chuen Wei, said the steep discounts and promotions that retailers offered this year were probably among the key factors that contributed to the spending figures.
Vice president and Singapore country manager of MasterCard Worldwide, Julienne Loh, agreed. She said: "The GSS committee knew it had to work especially hard this year to ensure the deals and promotions offered were relevant to cost-conscious consumers and assist retailers with marketing these offers."
Tourist spending maintained at similar levels as that of a year ago. MasterCard said visiting cardholders spent about US$249 million during this year's GSS, up slightly from a year ago.
Singaporean Mastercard cardholders, meanwhile, spent US$449 million, down one per cent from a year ago.
Electronics were one of the top draws for local shoppers. Singaporean consumers bought US$10.6 million worth of electronic goods during the GSS, a third more than last year.
They also spent 51 per cent more in grocery stores and supermarkets. However, they cut back on spending at eating places and restaurants by 15 per cent. - 938LIVE/vm
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