According to the annual 'Mastercard Love Index', more and more people are leaving their Valentine's Day shopping until the last minute.
The report, created by analysing credit, debit, and prepaid card transactions over a three-year period, has revealed that, while sentimental spending in Ireland has increased by 44% since 2016, 26% of Valentine's Day purchases took place on the day itself last year.
Despite the last minute purchases, there has been a surge in online shopping transactions for Valentine's Day over the last three years, with the number jumping up by over 800% in Ireland.
Online transactions for Valentines Day across Europe also increased, going up by 76%.
The use of contactless technology has also surged, with the value of transactions increasing by 959% since 2016.
“In an age where contactless payments and same-day delivery e-commerce purchases are now the norm, it’s now easier than ever to gift our loved ones with meaningful Valentine’s surprises,” commented Sonya Geelon, Country Manager for Mastercard in Ireland.
“Our data reveals that consumers in Ireland and across the globe are enjoying spontaneous experiences over and above material gifts, even when making their romantic purchases at the very last minute.
The Gift Of Experience
Irish consumers spent 44% more in the Valentines period in 2018 than in 2016, with 47% more in volume and transactions.
Experiences saw key growth, with the spend on hotels, restaurant trips and transportation increasing by 89%, 18% and 44% respectively.
Spend on jewellery dropped by 13% since 2016, while total spend on flowers was up by 59%.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.