Kenya‘s Valentine’s Day spending has risen by 94 percent since 2014, noting a 163 percent rise in e-commerce transactions acording to the ‘Mastercard Love Index‘.
The annual “Mastercard Love Index”, is an analysis of payment card transactions over a three-year period and revealed that sentimental spending has increased by 49 percent.
While the Kenyan market showed a slight depreciation in jewelry sales, Kenya bolstered the global trend of a romantic dining experience, as the market witnessed a whooping 240 percent increase in restaurant spending, which accounts for a significant 40 percent of overall spend during this period.
Data from the Index further showed that the majority of Valentine’s purchases happen during a last-minute dash on the eve of the day, with 47.4 million transactions witnessed that day alone over the past three years, globally.
“Whilst the way we say I love you might have changed in recent years, showing someone you care on February 14th is now more popular than ever. The Mastercard Love Index highlights key global and regional trends to hopefully offer retailers some priceless insight into how customers want to spend the most romantic day of the year” commented Chris Bwakira, Vice President and Area Business Head, East Africa at Mastercard.
The study, which analyses shopper behaviour in more than 200 territories around the globe, also discovered that despite the continued growth of online, 95 percent of transactions around Valentine’s Day are still made in person. Latin America showed the biggest shift to online, with an increase of 250 percent from 2014 to 2016, followed by Asia Pacific with an increase of 81 percent and the Middle East and Africa with a 71 percent increase.
| The articles contains excerpts from a Press Release permitted for use on OYGK Magazine