The frenzy around Valentine’s Day will again see consumers spending more than usual to gift their loved ones.
Past trends have indicated that FNB Credit Card holders spend more each year on buying flowers and cosmetic gifts with a 35% increase recorded and restaurant visits increasing by 30% in 2018.
Online florists see the biggest increase in the week of Valentine’s with a 228% increase compared to usual spending patterns, with men showing a 403% increase in buying flowers, compared to a 29% increase by women. Interestingly, the spending habits of this pool of clients showcases that it’s more single men spending around this period.
“Like with all other big South African thematic days, our data shows that Valentine’s Day drives a significant amount of Credit Card spend by consumers to celebrate and spoil their loved ones. Credit Cards provide consumers with a great amount of convenience and safety as they can shop from the comfort of their home or work. We’re encouraging consumers to prioritise money management by spending responsibly and not going overboard,” says Cilliers Kriel CEO of FNB Credit Card.
Additional insights indicate an increase in the use of alternate modes of transport i.e. Uber and Taxify with 17% increase in FNB Credit Card spend. Fast Food businesses also see a boom on the day of Valentine’s, with an increase of 20% compared to a normal business day.
“Consumers who use our Credit Card will also benefit from optimal security when shopping online, by entering a bank issued One Time Password (OTP) on a secure merchant website. They can also use the FNB APP or Online Banking to verify the cellphone number or email to receive the OTP. If used responsibly, our customers can get maximum value from using their FNB Credit Card by getting rewarded through eBucks and being able to freely access benefits such as 2-for-1 specials at restaurants, spas and hotels through our partnership with the Entertainer app,” says Cilliers.
