United Overseas Bank (UOB) has introduced Singapore’s first profiles of the modern Singaporean woman, categorized by their behaviors and spending habits. The UOB Leading Ladies report identifies these women as digital natives, young professionals, and cosmopolitan leaders.

Jacquelyn Tan, UOB’s Managing Director and Regional Head of Cards and Payments, highlighted the report’s focus on the entrepreneurial spirit and spending trends of contemporary Singaporean women. She emphasized the significant contribution of women to Singapore’s GDP, exceeding 40%, and their dedication to both work and family. Tan also noted UOB’s early recognition of women’s growing financial influence, marked by the introduction of Singapore’s first women-exclusive credit card, the UOB Lady’s Card, in 1989. Currently, women’s spending on UOB cards is outpacing men’s by 17%, and the bank projects that by 2020, women’s spending will constitute nearly half of the bank’s total credit card billings.

UOB is committed to understanding and supporting women’s evolving priorities throughout their lives, from their academic years to their careers and retirement. Recent data reveals a consistent upward trend in credit card spending among women in Singapore as their earnings rise and life priorities shift, particularly in the 20-49 age bracket. The most significant spending increases are observed among younger women aged 20-29 and 30-39, while the 40-49 age group exhibits the highest overall credit card expenditures.

The bank has defined three distinct profiles for today’s Singaporean woman:

• Rachel, the Digital Native (18-25 years old): Spends S$400 monthly, with 55% allocated to shopping, beauty, and dining. As a tech-savvy early adopter comfortable with both physical and online shopping, Rachel embraces digital platforms and values unique travel and dining experiences.
• Michelle, the Young Professional (26-35 years old): Spends S$1,000 monthly, with 52% directed toward shopping, beauty, and dining. Financially independent and career-driven, Michelle prioritizes quality time with loved ones and indulges in luxury experiences and brands while traveling.
• Christina, the Cosmopolitan Leader (36+ years old): Spends S$2,000 monthly, with 64% allocated to shopping, medical services, beauty, and fitness. A global citizen with a demanding travel schedule, Christina prioritizes health and wellness and seeks customized travel experiences. Financially astute and independent, she actively manages her investment portfolio.

To cater to these diverse profiles, UOB has revamped its Lady’s Card offerings. The latest iteration, designed by Vivienne Tam, showcases a contemporary rose motif and marks Singapore’s first designer credit card.

The enhanced card suite includes a new UOB Lady’s debit card tailored for digital natives, offering one-for-one dining benefits. For young professionals, the UOB Lady’s Card provides a step up with benefits like the LuxePay Plan, a zero-interest installment plan for luxury purchases. It also includes perks like theater tickets and complimentary weekend parking at select Orchard Road malls.

Cosmopolitan leaders benefit from the UOB Lady’s Solitaire card, which offers premium travel privileges, including MasterCard’s World Concierge service, access to Priceless experiences, and exclusive hotel and airport services. UOB’s top female spenders will receive Asia’s first rose-gold metal cards, crafted from Duralumin and featuring a brushed rose-gold finish. This exclusive card offers benefits like limousine airport transfers, airport lounge access, and enhanced e-commerce protection.

Recognizing the growing significance of e-commerce among women, UOB is simplifying online shopping by offering new Lady’s Card members instant signup for the UOB MasterPass digital wallet.

Deborah Heng, Group Head and GM of MasterCard Singapore, acknowledges the increasing affluence and leadership roles of women in Singapore, as evidenced by the MasterCard Index of Women’s Advancement 2016. She emphasizes the significance of a premium card platform like the UOB Lady’s Card program in recognizing and supporting women’s contributions to economic growth. Heng also highlights the MasterCard World Elite program, designed for discerning cardholders, which offers bespoke experiences and a dedicated concierge service, further enhancing the UOB Lady’s Card proposition.

The UOB Leading Ladies report leverages insights from UOB card data, proprietary research, and industry data.

• Year-on-year comparison: 2014 vs. 2015

RFi Group - Singapore Priority & Retail Banking Council

Source: UOB card data