Mastercard Love Index sees spending increase this Valentine’s Day
By Edil Corneille
Sentimental shoppers in the Middle East and Africa are investing more than ever before around Valentine’s Day as spending is up 262 per cent over the past decade, according to the annual Mastercard Love Index. The report, however, apprises that this year ‘home is where the heart is’ as couples were planning to spend the day — and their money — differently.
The report by the global payments technology company offers a deep dive into spending habits and trends around the romantic day (February 14) of the year by analysing card sales across the globe. The Middle East and Africa is purchasing nearly 5 times more the number of gifts and experiences than they were ten years ago.
Spends on traditional items and outings also increased over the past decade, such as flowers at 822 per cent, jewellery at 260 per cent followed by restaurants outings at 218 per cent.
Online shopping has grown steadily over the past decade and is at an all-time high – with a 621 per cent increase in the number of online transactions in the Valentine’s Day period over the past ten years. Furthermore, contactless transactions have also shown significant growth from last year, with the volume of contactless payments growing by 551 per cent in 2020 as compared to the same period in 2019.
“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 and local shops for gifts and at-home experiences,” said Beatrice Cornacchia, Senior Vice President Marketing and Communications MEA at Mastercard. “It has undoubtedly been a catalyst for the surge in e-commerce activity, and as a result, we have been able to help more people embrace the digital shift by delivering an online shopping experience that is safe, secure and convenient.”
Romantics in UAE are spending 90 per cent more on gifts and experiences than they were ten years ago.
“Over the last 10 years, The Mastercard Love Index has been providing rich data into consumer shopping trends and behavior during the most romantic time of the year. While 2020 has been an exception in many ways, it is heartening to see that UAE shoppers still want to splurge on their loved ones on Valentine’s day.” said Girish Nanda, Country Manager – UAE & Pakistan, Mastercard. “One trend that continues to remain at the forefront is the clear shift towards online shopping which has nearly doubled over this decade. Mastercard along with its strategic partners are committed to simplifying the eCommerce experience for the country’s consumers, making it all the more rewarding to shop for your dear ones on this special day.”
IBSi Daily News Analysis
October 07, 2022
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