The annual Mastercard Love Index indicates that spenders in Africa and the Middle East are willing to dig deeper into their pockets to make their partners happy and that they are going online to do it: there has been a 107% increase in the number of e-commerce transactions between 2016 and 2018.
The Index, which is created by analyzing credit, debit and prepaid card transactions over a three-year period (11th-14th February 2016-18) has revealed that whilst sentimental spending has increased globally by 3% since 2016, in MEA, this has increased by 10% with the overall number of transactions up by 20%.
For shoppers in Africa and the Middle East, planning ahead is more their style as majority of the purchases take place three days earlier (February 11th), this is however not the same globally as data showed a significant return to last-minute shopping with the majority of Valentine’s Day purchases taking place on the day itself (February 14th) in 2018.
Though global data shows that shoppers may no longer be plumping for traditional, standard gifts, this is not entirely true for Africa and the Middle East Valentine’s Day spenders. There was a small increase of 7% spent on roses and floral gifts …read more