Valentine’s Day Spending Increases 11% in UK, but Shifts Away From Material Goods

Valentine’s Day Spending Increases 11% in UK, but Shifts Away From Material Goods
09.02.2018 09:57 am

Valentine’s Day Spending Increases 11% in UK, but Shifts Away From Material Goods

Payments

British consumers continue to invest in experiences over material goods, as new data shows sentimental spending has increased by 11% since 2015, with the number of transactions up by 23% during the Valentine’s Day period.

The annual “Mastercard Love Index”, which analyses credit, debit and prepaid transactions during the Valentine’s period, reveals that dining out represents 25% share of spend in the UK, and 60% share of transactions in 2017.

Romantic getaways via air or train rose significantly as the number of transactions increased by 31% in 2017, accounting for 19% of total spend. Hotel stays represented 38% share of spend.

Conversely, money spent on traditional Valentine’s gifts such as flowers decreased by 22%, and the number of transactions has decreased by 8%. Similarly with jewellery, spend decreased by 32% and transactions decreased by 12% (vs. 2015).

The study, which looked at shopper behaviour in more than 200 territories around the globe, identified further purchasing trends.

The trend for online shopping continues with an enormous 169% increase in the number of e-commerce transactions from Valentine’s Day 2015 to Valentine’s Day 2017.

Scott Abrahams, Head of Business Development, Mastercard UK & Ireland said: “The data supports the rise of the ‘experience economy’ as happiness clearly comes from creating lasting memories, instead of purchasing material goods.”

The Mastercard Love Index – now in its third year – highlights global and regional trends to offer retailers insight into consumer buying habits over the Valentine’s period, by analysing credit, debit and prepaid transactions. The data takes into account spending over the last three Valentine’s periods from 11th to 14th February 2015-2017.

Related News

Only a day to the 7th Remittance & Payment Expo, Lagos – Nigeria!

With only a day to the 7th Remittance and payment Expo (www.RemittanceAfrica.com) holding from Tuesday 23rd... Read more »

Finastra Offers Immediate Payments Capabilities in the Cloud for Small and Mid-sized Banks

Today at Sibos and Money 2020, Finastra revealed its instant payments offering in... Read more »

Fingerprints enables Société Générale to test limitless contactless with IDEMIA

Société Générale has announced France’s first... Read more »

SWIFT Launches New Service to Block Suspicious Payments

SWIFT today announces the introduction of Payment Controls, an intelligent new in-network solution to combat fraudulent payments, and to help strengthen its customers’ existing... Read more »

ACCUITY TRANSFORMS BANKERS ALMANAC TO ACCELERATE AND IMPROVE RISK INSIGHTS, AND REDUCE COST OF COUNTERPARTY KYC

Accuity, the global provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, has announced a multi-year transformation programme to enhance its... Read more »

Instant cross-border SWIFT gpi payments test a success

SWIFT announces successful test results of its new instant cross-border payments proof of concept, involving banks in China, Singapore, Thailand and Australia.
The trial... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App