UnionPay's purchase volumes for Chinese tourists at merchants jumped almost 3X during CNY 2023, while UnionPay overall spend in Singapore grew at over 1.5X when compared to CNY 2022.  

Chinese tourists have been returning to Singapore since 8 January 2023 when China first lifted its border controls. Over the 2023 Chinese New Year (CNY) period of 21 to 30 January, UnionPay’s purchase volumes from Chinese tourists at merchants jumped close to three times compared to 2022 CNY period. Overall spend by Chinese travelers’ in Singapore grew at over one and a half times, when including  ATM cash withdrawals at UnionPay ATMs in Singapore.         

The surge in spend from Chinese tourists is not surprising. reported on 31 January 2023 that Singapore was the second most popular international travel destination for Chinese travellers during CNY, with the number of outbound flight bookings to Singapore jumping more than eight times . 

“We are pleased to witness the growth in payment volumes from Chinese travellers during this CNY period, and that they choose to pay with UnionPay when in Singapore. Moving forward, we can expect stronger business growth for UnionPay Singapore as guided tour groups, free & easy travellers, and business visitors continue to pick up. In preparation for the return of international visitors, UnionPay International (UPI) is continuously strengthening our merchant acceptance to provide a more seamless payment experience for them. UnionPay is now widely accepted at over 40,000 merchants across Singapore, covering many categories and sectors.” said Ms Carine Low, Singapore Country General Manager of UPI.    

During the 2023 CNY period, Chinese tourists spent most on Jewellery & Watches, Clothing, and Luxury & Leather goods. The Food & Beverage outlets, Supermarkets, and Clothing retailers enjoyed the most transactions. 

Ms Jenny Wang, Assistant Vice President of Resort World Singapore (RWS) said, "We have seen many Chinese tourists returning to our attractions and shops. Many of them choose to pay with their UnionPay cards, as they not only enjoy the convenience of cashless payment at RWS but also get a UnionPay discount at Universal Studios Singapore, S.E.A Aquarium and Adventure Cove Waterpark if they spend S$200 and above, it's really a win-win situation for them."  

Chinese group tours to Singapore resumes today after a three year hiatus. Carine Low said that she is confident that Chinese tourists will find many reasons to use UnionPay when they are enjoying the superb shopping, gastronomic delights, world class resorts and top notch theme parks in the Lion City.    
Local News