SINGAPORE: On Dec 29, the United Overseas Bank (UOB) revealed the key spending patterns among Singaporeans from Dec 2022 to Nov 2023.
The year-end report highlighted four major areas of expenditure: coffee, fast food, airlines, and concerts. One noteworthy revelation is how Taylor Swift fans drew over 23,000 transactions in a three-day ticket sale in July, as reported by The Edge Singapore.
Concerts
The six shows of Taylor Swift in Singapore drove over 23,000 transactions during the three-day ticket sales period in July. UOB cardholders spent $46 million on concert tickets in 2023, and $39 million attributed to Western pop acts, with Mandopop and K-pop also making notable appearances.
Coffee
Singaporean cardholders spent over $47 million on coffee in almost 4.5 million transactions, with October being the peak month. The data indicated a preference for traditional “kopi” and more premium brews.
Airlines
UOB cardholders spent over $1 billion on air tickets globally. Singapore Airlines was the top choice, followed by budget subsidiary Scoot.
Fast Food
McDonald’s led among UOB cardholders, followed by KFC and Burger King. Burgers accounted for 83.5% of total fast-food transactions.
Jacquelyn Tan, Head of Group Personal Financial Services at UOB, noted that 2023 has proven to be a “truly remarkable year” for consumer spending. She also said that there’s a shift among consumers towards spending on experiences over material goods in 2023.
She added, “Cases in point include artisan coffee expenditure almost double of its more heartland counterpart, air ticket spending crossing a billion Singapore dollars and concertgoers’ overwhelming response to global entertainment acts coming to our shores next year.”/TISG