Credit card market opportunity analysis of tertiary students in Singapore.

• Main Authors: Choy, Cailin Cui Fang., Chan, Amos Kin Wah., Tan, Michel Li Ping.
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2012
• Subjects: DRNTU::Business::Marketing::Consumer behavior
• Online Access: http://hdl.handle.net/10356/48354
• Institution: Nanyang Technological University

As credit spending proliferates in Singapore today, youth credit card ownership is also on the rise. The relaxation of regulations by the Monetary Authority of Singapore has allowed banks to target a younger generation with new credit card plans. This study aims to investigate the various aspects of the credit card usage patterns for tertiary students in Singapore, and to evaluate the market opportunity in this area. Our self-administered survey with 609 respondents allows tertiary student owners of credit cards to be profiled by demographics and spending habits—financial and credit management is important to gauge the health of tertiary students’ account balances. Polytechnic and university students constitute a majority of the market. Through a two-step cluster analysis, their preferences and demands have been identified. We suggest that banks focus on establishing cards that are accompanied with discounts and perks that are relevant to youths and to create an online platform of communication.