Sentimental shoppers are investing more than ever before as spending is up 240 percent over the past decade, according to the annual Mastercard Love Index.
The report offers a deep dive into spending habits and trends around the most romantic day of the year, Valentine’s, by analyzing card sales across the globe. Kenya is purchasing 458 percent 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 flights at 327 percent followed by restaurants at 237 percent.
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 grown steadily over the past decade and is at an all-time high – with a 1225 percent increase in the number of online transactions in 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 percent 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 neighborhood 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 – Sub Saharan Africa, Mastercard. “One trend that continues to remain at the forefront is the significant shift towards online shopping which has increased by over 1000 percent 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.”