Dining and entertainment remains spending priority - MasterCard
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The mantra ‘Eat, Drink and Be Merry’ is holding strong among consumers in Asia Pacific, Middle East and Africa. According to the MasterCard Survey on Consumer Purchasing Priorities, the region’s consumers are expecting ‘Dining and Entertainment’ to be their top spending priority for the next six months. According to the survey, this category was indicated as the main spending priority by 69% of the region’s respondents. This was followed by ‘Fashion and Accessories’ (49%), ‘Fitness and Wellness’ (36%), ‘Consumer Electronics’ and Children’s Extra-Curricular Activities/Private Tuition2 (34% each).
‘Dining and Entertainment’ is also among the top three categories most resilient to cutbacks in spending. It registered a score of 69 in the MasterCard Worldwide Index of Consumer Purchasing Resilience, behind Children’s Extra-Curricular Activities/Private Tuition (87) and Fitness and Wellness (78).
The survey also found that most consumers are planning to maintain their discretionary spend for the second half of the year at the same levels as six months ago. China (70%), Kuwait (69%), Saudi Arabia (67%) and Japan (63%) have the highest percentage of consumers planning to maintain their discretionary spending, while Qatar (21%), South Africa and India (20% each) have the highest percentage of consumers planning to increase their discretionary spending in this period.
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