Recent data from the United Overseas Bank (UOB) highlights a significant increase in women’s economic influence in Singapore over the past five years, aligning with International Women’s Day celebrations.
UOB’s analysis reveals a 70% surge in total billings for the UOB Lady’s Debit and Credit Cards from 2019 to 2023, with transactions more than doubling in the same timeframe. Moreover, the average spending per Lady’s Credit Card user increased by over 50%.
The bank introduced a flexible rewards system in 2019, allowing cardholders to choose and adjust their preferred rewards categories quarterly, thus personalising benefits to fit evolving lifestyle needs. Popular categories have included dining and fashion, with travel gaining prominence post-COVID-19.
Spending patterns show a 150% increase in dining-related transactions and a notable rise in entertainment and travel expenditures, illustrating a shift towards lifestyle experiences. This trend is also evidenced by a spike in new cardholders coinciding with major entertainment events, such as the Taylor Swift The Eras Tour in Singapore.
In addition to spending trends, UOB notes a significant growth in women’s financial assets, with a 35% increase in female customers’ total assets under management from 2020 to 2023. The bank also reports a substantial rise in the issuance of higher-tier UOB Lady’s Solitaire Cards, indicating an uptick in women’s wealth and disposable income.
Despite economic challenges, Singaporean women are actively preparing for the future, with over 70% expressing concerns about inflation and long-term financial commitments. UOB’s data shows that women are prioritising savings, with a notable increase in the ownership of high-yield savings accounts and fixed deposit accounts held by female customers.
Jacquelyn Tan
Jacquelyn Tan, Head of Group Personal Financial Services at UOB, said,
“We celebrate women’s individuality and how they want to live, work and play. Our data shows that women today are becoming more financially independent, working towards their aspirational life goals like pursuing lifestyle experiences and building savings for the future.
We leverage these useful insights to continually enhance our products and offerings for ladies. The UOB Lady’s Card and Lady’s Savings Account are a symbol of innovation and evolution. We work with a wide range of partners to curate the best rewards for our female customers, catering to their different lifestyles and life stages.”
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- Source: https://fintechnews.sg/92960/fintech/uob-data-shows-increased-spending-power-financial-savvy-among-singaporean-women/
