Within Asean, Singapore experienced a 15% growth in card billings y-o-y. This was driven by a whopping 23% y-o-y growth in card billings for dining and 21% y-o-y growth in card billings for e-commerce. Travel also experienced a 17% y-o-y growth in card billings.
Forecasted travel spend by Asean countries in FY2024 is projected to grow by 126% as compared to 2019 and 17% as compared to 2023, UOB announced at their media roundtable on Oct 30.
Total billings in 1H2024, based on Visa and Mastercard consumer credit cards, across Singapore, Malaysia, Thailand, Indonesia and Vietnam grew by 11% y-o-y. This can be attributed to dining, e-commerce and entertainment which saw a 21%, 20% and 19% increase in card billings y-o-y.
