News Release

TV Seshadri MasterCard Worldwide +6-6390-6921

Successful Great Singapore Sale 2007 Sees Close to 50% Increase in Spend by MasterCard Cardholders

Singapore, August 15, 2007 - Support for the Great Singapore Sale continues to grow with each year of the Sale. MasterCard data shows that MasterCard cardholders spent a total of US$587.5 million during the full two month period of the Great Singapore Sale (25 May - 22 July 2007). This represents a 49% increase in spend from last year (26 May – 23 July 2006), as both locals and tourists sought to make full use of the Sale offerings. The total number of transactions made by MasterCard cardholders rose, 42% to 5.5 million, versus the 2006 Sale.

Total spend by Singaporean cardholders for the full 2007 Sale period rose 45% to US$363.4 million, while their number of transactions increased 35% to over 4 million.

Despite the implementation of the 2 percentage-point GST hike in July, cardholders (both locals and tourists combined) spent 37% more in the July 2007 Sale period (1 -22 July) as compared to the same period last year. Transaction volume rose to US$207 million for the period 1 - 22 July 2007. Close to 2 million transactions were made in the July Sale period, up 30% from the same period last year.

The GSS also received strong support from tourists, who spent more than US$224.1 million with their MasterCard cards during the full Sale period, a 57% increase over last year. Visitors' transaction numbers were also up 64%, totalling 1.5 million transactions.

"As the official card of the Great Singapore Sale since 2004, we have seen the Sale grow from strength to strength. Both Singaporeans and tourists have been great supporters of the Sale, and even with the GST hike in July, locals were still out enjoying and snapping up the many privileges and deals available. The GSS committee has worked hard to provide consumers great privileges during this year’s Sale, and we are glad that consumers have appreciated and enjoyed the Sale offerings," said T.V. Seshadri, vice president and senior country manager, Singapore, MasterCard Worldwide.

Tourists from the United States remained the top spenders, with spend by American MasterCard cardholders for the total Sale period increasing more than 30% from GSS 2006 to US$30.1 million.

Indonesian cardholders dropped from being the second highest spenders in GSS 2006, to 6th place this year. Australian cardholders were second with US$20.8 million spent, a 84% increase from last year.  

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For key highlights of the Singapore Sale, see attached press release above.