Kiwis Make Romantic Purchases at the Last Minute for Valentine’s DayFebruary 14, 2019 | Auckland | By Barkha Patel
Kiwi shoppers are embracing spontaneity this year, with nearly a third of people (29%) purchasing last minute romantic gifts on Valentine’s Day.
The annual “Mastercard Love Index”, created by analysing credit, debit and prepaid card transactions over a three-year period (11th-14th February 2016-18) has revealed whilst sentimental spending has increased by 40% since 2016 in New Zealand, most people are failing to plan ahead with the majority of this year’s Valentine’s Day purchases taking place on the day itself.
These last-minute lovers are also placing their trust in the speed, convenience and choice offered by online shopping to ensure their loved ones aren’t left disappointed, with the number of e-commerce transactions increasing by 87% from Valentine’s Day 2016 to Valentine’s Day 2018.
To celebrate the most romantic day of the year, indulging in experiences continues to be increasingly popular with New Zealanders. Kiwis are whisking their loved ones out to dinner with an increased number of transactions made in restaurants by 28% from 2016 to 2018, and total spend increasing by 15% over the same period.
An indulgent night at a hotel remains a popular Valentine’s Day activity as the data reveals the number of transactions on hotels rose by 24% from 2016 to 2018, and with it a total spend increase of 42%.
Traditional gifts such as purchasing a bouquet of flowers remains a favourite with Kiwis, with data showing an increase spend on flowers by 86% in comparison to 2016. The amount spent on jewellery has decreased by 4% since 2016.
The value of contactless transactions around Valentine’s Day in New Zealand rose by 222%, with a 220% increase in the number of transactions since 2016, as more retailers embrace the speed and convenience of offering contactless payments.
“Kiwis are increasingly embracing Valentine’s Day however it’s often still very last minute – with people tending to rely on the speed and convenience of e-commerce and contactless payments to ensure their loved ones don’t miss out,” says Ruth Riviere, Country Manager for Mastercard New Zealand and Pacific Islands.
“The Mastercard Love Index – now in its fourth year – highlights key global and regional trends to uncover behavioural trends. What we’ve seen in New Zealand is a shift towards experiences, and last minute shopping, which offers retailers some great insight into consumer buying habits during the Valentine’s Day period,” adds Riviere.
Regional summary of consumer spending habits across the globe:
|KEY SPENDING PATTERNS PER REGION DURING VALENTINE’S DAY PERIOD ACROSS 2016 - 2018|
About Mastercard and its Suite of Research Properties
The Mastercard Index suite in Asia Pacific includes the long-running Mastercard Index of Consumer Confidence, as well as the Mastercard Index of Women’s Advancement, Mastercard Index of Financial Literacy, and the Mastercard Index of Global Destination Cities. In addition to the indices, Mastercard’s research properties also include a range of consumer surveys including Online Shopping, Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.