According to findings from the latest annual Mastercard Love Index, sentimental shoppers are investing more than ever before as spending is up 240% over the past decade.
The report offers a deep dive into spending habits and trends around the most romantic day of the year, Valentine’s Day, by analyzing card sales across the globe. The report showed that Kenya is purchasing 458% more the amount of gifts and experiences than they were ten years ago.
Spending on traditional items and outings also increased over the past decade, such as flights at 327% followed by restaurants at 237%.
However, as most of the world still faces lockdown limitations, restaurant DIY kits, park walks, home-cooked meals and movie marathons are set to be the top ways couples will bring romantic experiences home this year.
Online shopping has steadily grown over the past decade and is at an all time high, with a 1225% increase in the number of online transactions in the Valentine’s Day period over the past ten years. Furthermore, contactless transactions have also shown a significant growth from last year, with the volume of contactless payments growing by 1100% in 2020 as compared to the same period in 2019. Many will shop online for Valentine’s Day gifts this year, whilst some will show their love for local, purchasing gifts from neighbourhood businesses.
“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 Kenyan shoppers still want to splurge on their loved ones on Valentine’s day,” said Kari Tukur, Vice President Mastercard Sub-Saharan Africa.