UOB card spending surged by 35% during Taylor Swift concert week, over $30m spent on tickets

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Card billings at UOB-acquired merchants surged 35 per cent week on week over Mar 4 to Mar 10, when four of six of Taylor Swift's The Eras Tour concert events took place in Singapore. UOB-acquired merchants are those who have chosen the bank to process credit and debit card transactions for them.

PHOTO: The Straits Times fileCard billings at UOB-acquired merchants surged 35 per cent week on week over Mar 4 to Mar 10, when four of six of Taylor Swift's The Eras Tour concert events took place in Singapore.

Hotels rang in nearly 45 per cent growth in UOB card billings, while food and beverage receipts rose more than 30 per cent. Jacquelyn Tan, head of group personal financial services at UOB, said in November that apart from spending on entertainment, another benefit of the segment is that it can lead to spending in other key pillars of the bank's retail business - shopping, dining and travel.

Almost a third of UOB cardholders who purchased tickets to the event used cards issued outside of Singapore. Nearly 40 per cent of these cardholders were previously Citigroup customers who were onboarded as part of UOB's acquisition of Citi's consumer banking franchise in the region. UOB also reported a four percentage-point growth for credit card applications among 25- to 29-year-olds.

The total spending of Malaysian UOB cardholders who bought tickets to The Eras Tour in Singapore grew more than 50 per cent over Jul 1, 2023 to Mar 8, 2024 when compared to the same period the year before.The bank also noted that card attrition rates remained "stable and low" in the months following the ticketing sales to date - a "clear indication that a significant majority of cardholders, longstanding and new, are seeing the value in cards".

Source: Loan Digest (loandigest.net)

 

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