How much do Hongkongers spend on Valentine’s Day? More than previously thought, according to new research.
The annual “Mastercard Love Index”, created by analysing credit, debit and prepaid card transactions across the past three Valentine’s Day periods (11th–14th February 2016–18), has revealed that Hongkongers’ sentimental spending have increased by 62 per cent since 2016, after China (88 per cent) and Japan (68 per cent), with a surge of 35 per cent in overall transactions.
The index revealed that Hongkongers tend to wait until the last minute to buy Valentine’s gifts, with the majority (28 per cent) of Valentine’s Day shopping happening on February 14 over the past three years.
The number of transactions made in restaurants increased by 20 per cent from 2016 to 2018, along with an increase of 30 per cent in the total amount spent. The data also showed an increase of 205 per cent in the number of transactions on transportation in 2018, making up 23 per cent of Hongkongers’ total spend around Valentine’s Day. Transactions on hotels also rose 63 per cent over the last three years, along with an increase in total amount spent by 66 per cent.
Overall spend on flowers increased by 93 per cent from 2016 to 2018, with the number of transactions up by 46 per cent. Jewellery transactions also went up over the last three years, with spend increasing by 43 per cent since 2016.
More and more people in Hong Kong are purchasing gifts for their loved ones online, resulting in a 146 per cent increase in online transactions over the past three Valentine’s Day celebrations. However, more Hongkongers buy their gifts in-person rather than online on Valentine’s Day (88 per cent vs 6 per cent respectively).
In Asia Pacific, sentimental spending has jumped 33 per cent and overall transactions during the Valentine’s Day period have risen by 37 per cent since 2016. Increases in both spend value and number of transactions were seen in all purchase categories, with the most significant increase made on flower purchases: 89 per cent higher than spend value in 2016 and 73 per cent more transactions.