SGGOODLIFE 2018 MILE EARNING UP 150% YEAR ON YEAR TO A RECORD 150,000 MILES
Singapore, 30th August 2018 – In the first half of 2018, SGGOODLIFE household saw tremendous growth of miles earning. The strong results were backed by robust domestic spending in the area of cosmetics, clothes, shoes, and food. Miles earning was up by about 150% from a year ago. This was partially fuelled by stronger than usual income growth in the ‘local’ economy, which renewed spending ‘confidence’. Wife-Spending-Index (WSI) was up by 200% in the second quarter.
Miles growth was further accelerated in the second quarter by a stronger than usual promotion in the form of 8 Miles Per $1 spent via Citibank Rewards Card (ApplePay).
Third Quarter Performance
Third quarter mile earnings were partially muted, due to strong headwinds and trade tensions, which caused many ‘investors’ to pull back from offering great mile earning opportunities. This caused a slowdown in consumer spending. The WSI also fell by 90% due to more prudent management in domestic savings.
Fourth Quarter Expectations
Moving on in the fourth quarter, SGGOODLIFE expects to face similar headwinds on miles earning, with some cushion in the form of fresh spending at the departmental store. WSI is expected to increase due to leverage on ‘foreign markets’. Spending at the furniture and electronics sector will also boost mile earnings. The Miles Earning Strategy is expected to stay the same.
Commenting on the Miles Earning outlook, CEO of SGGOODLIFE said:
“The performance in the first three quarters reflects the excellent credit card diversification strategy that has been put in place. Quarterly mile earning growth was largely driven by income growth and strong mile earning opportunities.
The mile earning environment is increasingly challenging and we are deeply aware of implications due to various cost cutting measures from various credit card companies. Nevertheless, our research team is committed to long sustainable miles growth, bringing our readers the very best deals.”