MATTERS OF THE HEART

Growth of the love economy

People are spending more on Valentine's Day

In Summary

•“The world’s ‘love economy’ is growing five times faster than the global economy, with Valentine’s Day spend around the world up 17 per cent since 2017,” the index revealed.

A huge Valentine card-flower at Whitesand's main entrance ,the hotel is also hosting the Kenya Hotel Keepers Association which aimed at discussing Tourism in the coast region.Photo Elkana Jacob
A huge Valentine card-flower at Whitesand's main entrance ,the hotel is also hosting the Kenya Hotel Keepers Association which aimed at discussing Tourism in the coast region.Photo Elkana Jacob

Kenyans are going beyond the usual traditional gifts to make their partners happy on Valentines day.

According to Mastercard’s annual Love Index, the number of transactions on hotels in Kenya has risen by 65 per cent from 2017 to 2019, against 22 per cent globally.

This puts hotels at the top of the wish list for Kenyans in the lead up to the most romantic day of the year.

 

The world’s ‘love economy’ is growing five times faster than the global economy, with Valentine’s Day spend around the world up 17 per cent since 2017,” the index revealed.

In Kenya, sentimental spending around Valentine’s Day has increased by 32 per cent since 2017, with the overall transactions up by 51 per cent.

“Kenyans are keeping pace with global trends and favouring experiences over traditional gifts,” said Adam Jones, Area Business Head East Africa, Mastercard.

He said that this shows the younger generation values the opportunity to create a shared experience with their loved one.

The rise in online shopping also saw a 64 per cent spike in online transactions in the Valentine’s Day period.

Food also continued to be the safest way to Kenyan’s hearts, with spend in restaurants increasing by 18 per cent in 2019, against a 16 per cent rise globally.

Kenyans bucked global trends with a 21 per cent increase in jewellery spend compared to a 6 per cent increase globally.

 

Flowers in contrast, recorded a 29 per cent decrease in sales with global sales increasing by 3 per cent.

The data also revealed a positive trend of a more organised Valentine’s Day planner, with the majority of transactions taking place earlier than ever before and the number of last-minute shoppers falling.

In 2019 majority of Valentine’s Day transactions took place on Feb 11, while in 2018 where they took place on Feb 12.

The Mastercard Love Index is a unique look at how buying behaviour is evolving over time.