Dubai – Masaader News
Consumers in the UAE like to express their love with flowers on Valentine’s Day, reveals Mastercard Love Index 2018, created by analyzing credit, debit and prepaid transactions across the past three Valentine periods (11th– 14th February 2015-17).
According to the index, the overall spend on flowers in the UAE has increased by 146% versus 2015, with the number of transactions increasing by 158%. While personal touch is important to UAE residents with 86% of transactions around Valentine’s Day being made in person, e-commerce transactions also witnessed a 111% increase from Valentine’s Day 2015 to Valentine’s Day 2017. In addition, the share of spend on restaurants has remained stable over the past three years, taking a 9% share of spend and a 44% share of transactions in 2017.
The study, which looked at shopper behavior in more than 200 territories around the globe, identified further purchasing trends.
Are we planners or spontaneous when it comes to matters in love in the UAE? The data suggests that we are getting ahead of the curve when buying gifts. It’s no longer left until the last minute, as the majority (28%) of Valentine’s purchases in the UAE are made on 11 February. However, just over a quarter (28%) of all transactions (between 11 – 14 February) were made on Valentine’s Day itself.
“The Mastercard Love Index – now in its 3rd year – highlights global and regional trends to offer retailers a priceless insight into consumer buying habits over the romantic period. Creating special memories with your loved one on Valentine’s Day shows no signs of slowing down and flowers remain a strong symbol of romance for the UAE. In addition, the increase in e-commerce transactions around Valentine’s Day points in the direction of a growing online shopping culture in the country, supported by the fast adoption of mobile payment solutions such as Masterpass, Apple Pay and Samsung Pay,” said Girish Nanda, General Manager, UAE & Oman, Mastercard.
Summary of consumer spending habits in the Middle East and Africa:
Middle East and Africa
- People are planning ahead in MEA with the majority (29%) of Valentine’s purchases happening on the 11th February (620k transactions globally on February 11th over the past 3 years)
- Share of spend on hotels has also remained stable over the past 3 years; taking a 41% share of spend and a 21% share of transactions in 2017
- Spend on flowers has increased by 96% vs. 2015 with the number of transactions increasing by 71%