What are women in Singapore spending on?

When it comes to spending and reaping rewards on a credit card, Singaporean women have shown a preference for dining and entertainment. Based on Singapore credit card transactions, dining saw the steepest growth from 2019 to 2024, with an increase of 150%. This was followed by entertainment-related spending which grew by more than 90% in the last five years. This is driven largely by post-Covid growth, according to UOB's recent report on UOB Lady's Card.

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Similar to entertainment-related spending, travel-related spending also saw a spike, growing by close to 300% over 160% year on year from 201 to 2022 and 2022 to 2023 respectively, said the report. Meanwhile, fashion-related spending grew by close to 30%.

Part of the growing popularity of lifestyle experiences can be attributed to the uptick of entertainment-related activities in the region, said UOB. Such examples include the ongoing Taylor Swift The Eras Tour.

In fact, new female UOB cardholders in Singapore increased by almost 10% in June last year following the announcement of Taylor Swift's concert. Additionally, close to 65% of Singapore customers purchasing tickets during the 5 July presale and 7 July general sale were females. 

According to UOB's report, women are also gaining financial affluence. This is because female customers' total assets under management with UOB have grown close to 35% from end-2020 to end-2023.

That said, women in Singapore are also saving up more for rainy days. More than 70% of women in Singapore expressed concern over rising inflation, while more than 60% are worried about their long-term financial commitments.

As of December 2023, over 60% of UOB's fixed deposit accounts are opened by female customers. The average savings account balance owned by ladies also grew by 6% per year, said UOB. This could be influenced by the fact that more and more women are stepping into bigger roles at the workplace.

This is in line with a study by Heidrick & Struggles which said 8% of global CEO appointments go to females. In the APAC region, 12% of CEO appointments are female with Australia and New Zealand (15%) remaining at the forefront, leading across the Americas, Europe and Africa, and the APAC region. Singapore maintains its previous year's figure, with 13% of appointed CEOs being female.

Hong Kong, on the other hand, shows slower growth, falling behind the rest of the APAC markets, with only 8% of appointed females in Hong Kong being CEOs. This, according to the report, highlights the continued work needed to promote gender diversity and foster a more inclusive business environment.

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