It’s going to be a busy Valentine’s Day. According to the latest Mastercard Consumer Purchasing Priorities Survey, more than half of Indian consumers plan to go out for a meal on Valentine’s Day (55 per cent), and more than a third plan to spend time with their loved ones by going to the movies (42 per cent).
The Mastercard survey throws light on spending patterns that are expected this Valentine’s Day. Amohttp://mediainfoline.com/wp-admin/post-new.phpng the Indian consumers surveyed, a fifth of (21 per cent) plan to buy a gift for their loved ones on Valentines’ Day, on an average spending close to INR 1,500. Men and women show love differently when it comes to choosing gifts Among both genders, Indian consumers prefer to play it safe with their choice of gifts with the favorites being flowers (39 per cent), followed by cards (22 per cent) and chocolates (19 per cent), while some other options include jewellery, clothes, leather goods and high end gadgets.
Although flowers reign supreme as the gift of choice, according to the second annual global “Mastercard Love Index” – created by analyzing credit, debit and prepaid card transactions over a three-year period – spending on flowers has decreased by 49 percent from 2014 to 2016, and spending in restaurants has increased by 91 per cent accounting for 55 percent of all transactions.
Georgette Tan, Senior Vice President, Communications, Asia Pacific, Mastercard said, “When it comes to expressing love on Valentine’s Day, Asia Pacific consumers including India are still sticking to traditional favorites including flowers and going out for a nice meal. Celebrated across cultures, Valentine’s Day continues to be one of the biggest spending days around the world, with young and mature consumers enjoying the merriments associated with this special day.”
Meanwhile, people in Asia Pacific still value a personal touch, with 85 percent of transactions around Valentine’s Day made in person. At the same time, the Mastercard Love Index also revealed that technology is helping fire cupid’s arrow with Asia Pacific having seen an 81 percent increase in online sales over the last three years.
|Asia Pacific||Australia||New Zealand||China||Hong Kong||India||Indonesia||Japan||Malaysia||Philippines||Singapore||South Korea||Taiwan||Thailand||Vietnam||Bangladesh||Myanmar||Sri Lanka||Cambodia|
|Plan to buy Valentine’s gift for loved ones (%)|
|Average planned spending on Valentine’s gift (USD)|
|Valentine’s Day is the best day to propose/ receive marriage proposal (%)|
|Plan to buy as a Valentine’s Day gift (%)(|
|Clothes & leather goods||20||11||10||21||25||4||17||15||22||18||28||16||36||18||13||10||33||23||46|
|Chocolate or candy||15||7||16||8||12||19||32||56||9||12||11||48||7||10||22||4||27||10||6|
|High end gadgets||8||9||3||7||11||1||–||2||12||12||9||3||21||5||4||2||14||2||6|
The global “Mastercard Love Index” study analyzed aggregated transaction information made by credit, debit and prepaid cards across pre-selected merchant categories which took place over a three-year period from 2014 to 2016.
Meanwhile, the survey data for Asia Pacific is based on Consumer Purchasing Priorities for the first half of 2017. 9,123 people in 18 markets across Asia Pacific aged 18-64, were asked about their spending plans for Valentine’s Day 2017. The markets included Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. Data collection channels included internet surveys, in-person interviews, as well as telephone interviews, with the questionnaire available in both English and local language, whenever appropriate or necessary. The Index and its accompanying reports do not represent MasterCard’s financial performance.