Under-35s' Spending on UOB Cards Grew the Most in 2024

Singapore holders of UOB cards shelled out significantly more in 2024 than they did in 2023, with those under the age of 35 chalking up the highest growth in spending.

- Alyssa Woo

The under-35s' spending grew 34 per cent year on year compared with the overall rise of 14 per cent.

They spent 47 per cent more on travel, 43 per cent more on dining, 26 per cent more on entertainment, and 24 per cent more on shopping in 2024 over 2023.

The bank said on March 14 in a report that this younger cohort made up three in five of new-to-bank (NTB) customers with UOB, with eight out of 10 of the NTB customers taking up a credit or debit card.

In Singapore specifically, card holder spending across all age groups increased the most for dining (21 per cent) and travel (17 per cent), followed by entertainment (10 per cent) and shopping (9 per cent) in 2024.

The bank also said the increased spending can be linked to its partnership with concert and other entertainment providers. UOB would typically give card holders a pre-sale benefit to some in-demand concerts which have drawn huge crowds to Singapore especially after Covid-19.