Valentine’s Day, one of the most anticipated days to celebrate love through gifts and special moments with loved ones, is finally here.
Each year on this day, spending increases on categories such as chocolates, flowers, general gifts, and jewellery. An example can be seen from data from FNB card holders, whose spending in these categories increased by 11% year-on-year in 2024 on Valentine’s Day, and the bank expects this figure to double in digit growth this year.
In the week of Valentine’s Day, the bank saw a 60% week-on-week increase in spending on chocolates in 2023 and 54% in 2024. Spending on flowers also, according to reports, increased by 83% in 2023 and by 91% in 2024. General gifts also noted a 10% spend increase in 2023 and 9% in 2024, while jewellery equally saw a 10% spend uptick in 2023 and 9% in 2024.
FNB Credit Card CEO Senzo Nsibande said: “Our data shows that Valentine’s Day drives significant card spending by consumers celebrating and spoiling their loved ones. In addition, we’re also pleased to see the transitioning split between online and in-store purchases, showing the convenience and safety of our card payment options.”
Interestingly, data also showed that men spend more than women on this day, with the majority spent on restaurants and jewellery in 2024. This is 12% more than what they spent in 2023 for these categories, with a similar increase expected on Valentine’s Day in 2025.
“Our customers are adopting convenient ways to shop and pay, with security remaining a critical factor for all purchases. We have witnessed a greater migration to online purchases than ever before,” said Nsibande.
Consumers might have more disposable income based on the recent interest rate cut cycle, but FNB encouraged consumers to prioritise money management by spending responsibly within their budgets and transacting on safe platforms.
“We encourage customers to use our broad range of payment options and trusted platforms when shopping online. In addition, they should always keep information such as PINs and passwords safe and only authenticate transactions they have initiated. Although we encourage consumers to celebrate their loved ones this Valentine’s Day, planning and budgeting for purchases remains important over this time,” said Nsibande.