SINGAPORE: Swiftonomics boosted 35% UOB card billings, with a notable surge from March 4 to March 10, coinciding with Taylor Swift’s concerts in Singapore.
The Business Times reports data released for the year’s first quarter, announced on Monday (March 25), revealed a rise in spending across various sectors, particularly in tourism-related categories.
Clothing retailers experienced the most significant surge at 85%, followed by transportation and travel at 80%, and amusement and entertainment at over 50%.
Among the notable increases in spending, hotels saw a 45% growth in UOB card billings, while food and beverage (F&B) receipts rose by more than 30%.
UOB highlighted that establishments near the Marina Bay precinct and the Central Business District, close to the venue of Taylor Swift’s concerts, outperformed national spending averages.
According to UOB, cardholders spent over S$30 million on tickets for The Eras Tour, with Singapore-registered cards accounting for nearly 75% of total billings.
Malaysian cardholders contributed over 10% of the billings, while Thai and Indonesian fans each accounted for over 5%.
Almost a third of cardholders who purchased tickets used cards outside of Singapore. Interestingly, nearly 40% of these customers were formerly with Citigroup, which UOB acquired as part of its regional expansion strategy.
The period from June 21 to July 7, 2023, saw an extraordinary surge in UOB card applications related to the announcement of Taylor Swift’s concerts in Singapore.
During this time, new-to-card customer applications increased by over 75%, and new-to-bank applications rose by over 50% for primary credit cards.
UOB also noted a four percentage-point growth in credit card applications among 25- to 29-year-olds.
The surge in card applications aligned with the pre-sale event for The Eras Tour, which was exclusive to UOB customers and sold out on the day of its launch.
Following the ticket sales, UOB observed increased spending among registered cardholders outside of Singapore who purchased Taylor Swift tickets with their UOB cards.
Comparing spending patterns, Malaysian UOB cardholders who bought tickets to The Eras Tour in Singapore witnessed a 50% growth from July 1, 2023, to March 8, 2024, compared to the previous year.
Similarly, Thai UOB cardholders experienced a surge of over 45% in spending over the same period.
Despite the heightened activity surrounding The Eras Tour, UOB reported “stable and low” card attrition rates, suggesting that a significant majority of cardholders, both existing and new, continue to see value in their UOB cards. /TISG