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Asians defy slump, spend more money online

(China Daily)
Updated: 2009-06-05 08:43

SINGAPORE: Consumers' online spending habits held steady in 2008 despite the global economic meltdown, payment card giant Visa said in a report Thursday.

Shoppers in six regional economies - Australia, Japan, India, South Korea, Hong Kong and Singapore - spent an average $3,109 over the Internet in the 12 months to December, Visa said.

Data collected by the company showed average online bills in the six economies reached an average $3,009 in the year to June 2008 and $2,784 in the 12-month period to September.

"Our survey shows that online shopping appears to be resilient in the uncertain economy," said Mohamad Hafidz, Visa's regional head for e-commerce.

"As consumers are expected to keep a close eye on their finances, the ability to browse a wide range of retail offerings to compare prices and seek cheaper buys on the Internet seems to be leading budget conscious consumers to shop online, he said.

Travel-related shopping was the most popular item with consumers in the six economies spending an average $970 on airline/air tickets, followed by $647 on travel agents and then $527 on accommodation, the report said.

The report showed consumers in Singapore were the biggest online shoppers in the fourth quarter of 2008, spending an average $4,018 followed by Hong Kong with $3,791. Next was India with an average $3,442, Japan at $2,972, South Korea with $2,472 and Australia with $2,382.

AFP