PETALING JAYA: Asia Pacific leads the world when it comes to increases in sentimental spending for Valentine’s Day, according to the 2019 “Mastercard Love Index.”
Asians are romancing their Valentines like never before, revealing that money can buy you love.
In the pursuit of creating the perfect romance, the latest findings from the Mastercard annual study showed that Asia Pacific experienced increased sentimental spending by 33% in 2018 from 2016.
Asians are amongst the most well-planned lovers, where the majority (29%) of Valentine’s Day purchases happen on Feb 11 from 2016-2018, well ahead in time before Latin American consumers.
The purchases happening on this day are worth a whopping RM5.4mil.
More than that, the overall transactions during the Valentine’s Day period rose by 37% from 2016.
The index found that the highest Asian market with the most increase in sentimental spending is China (88%) followed by Japan (68%) and Hong Kong (62%).
Asians celebrate Valentine’s Day either by spending it on classic gifts or sweeping their partners away to romantic destinations.
According to the financial services company, more Asians buy their gifts in-person, rather than online (86% vs 10% respectively), as they cherish the value of a personal touch.
On the other hand, there are Asian consumers who are more open to using technology when it comes to spending for their loved ones, with an increase of 60% in the share of contactless transactions and online shopping, seeing a healthy growth of 32% in the number of e-commerce transactions.
As for romantic getaways, transactions made on transportation in 2018 showed an increase of 25%, where expenditure soared in Japan and India by a whopping 200% and 193% respectively.
Additionally, the number of transactions on hotels rose by 27%.
Thirdly, Asians also fuel romance through food as the index reported a 41 % increase in the number of transactions made in restaurants over the past three years.
The annual “Mastercard Love Index” by Mastercard was created by analysing credit, debit and prepaid card transactions over a three-year period from Feb 11 to 14, from 2016-2018.
More information on the “Mastercard Love Index” can be found in the infographic above.