Mastercard Love Index reveals South Africans splashing out over Valentine’s Day

By Pavithra R

Mastercard Love Index reveals South Africans are splashing out more than ever before, around Valentine’s Day, specially on memorable experiences and gifts that can be ordered online.

The index examines spending habits and trends around Valentine’s Day by analysing Mastercard spending data across the Valentine periods (9 – 15 February in 2011, 2019 and 2020) from over 53 countries.

The amount that South Africans spend over Valentine’s period has soared by 142% over the last decade, with sentimental shoppers purchasing almost 10 times (up 880%) the number of gifts and experiences than they were in 2011.

“The Mastercard Love Index has been providing insights into global buying behaviours and spending trends around the most romantic day of the year for nearly a decade. Of course, this year has been unlike any other, but we’re still seeing spending around Valentine’s Day at an all-time high as the world turns to online shops for gifts and at-home experiences,” said Suzanne Morel, Country Manager at Mastercard South Africa.

Online shopping has grown steadily and reached an all-time high, with a 683% increase in online transactions during this period since 2011. According to the Index, the trend of gifting ‘experiences’ continues to outpace traditional gifts like jewellery, with hotel bookings up 352% and the amount spent up 114% in 2020 compared to 2011.

“It has undoubtedly been a catalyst for the surge in e-commerce activity, and as a result, we have been able to quickly help more people embrace the digital shift by delivering an online shopping experience that is safe, secure and convenient,” added Suzanne Morel.

Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. As part of its response to the COVID-19 pandemic, the firm has pledged $250 mn in financial, technology, product, and insights support over the next five years to SMBs worldwide, supporting the financial security and vitality of businesses and their workers.