New Zealand men are going to be the big spenders this Valentine’s Day, with Mastercard's latest Consumer Purchasing Priorities Survey showing that males will be spending a third more on their significant others than women.
Greg Harford, General Manager of Public Affairs for Retail New Zealand stated that, although people are buying more for their significant other, each gift is of lesser value.
“It may also be that people are opting to show their partners their love with more than one gift. These are likely to be lower in value individually, even if their total spend is higher.”
Harford says there are plenty of ways that New Zealanders can show their affection without resorting to spendings of high value.
The annual "Mastercard Love Index", created by analysing credit, debit and prepaid card transactions in a three-year period, has revealed that Kiwis' sentimental spending has increased by 17 per cent since 2014, with the overall number of transactions going up by 59 per cent
“The increase in spending since 2014 will likely reflect the fact that Valentine’s Day is increasingly celebrated by a broader range of New Zealanders, and an increased expectation that Kiwis should express their affections on Valentine’s Day.” Said Harford.
According to Retail New Zealand, Valentine’s Day is the third-busiest time of the year for many retailers.
“Flowers are massive sales for Valentine’s Day – florists recorded close to a 400% increase in spending in the two days prior to Valentine’s Day last year compared to the week before.” Commented Harford.
The consumer holiday has taken off more in recent years thanks to social media and the ease of online shopping. There are even several online platforms dedicated to Valentine's gifts for pets.
“Both in New Zealand, and internationally, there is an increasing trend to celebrate Valentine’s Day with pets as well.
Many people do buy Valentine’s Day gifts for their significant hound, cat or other beasts, but spending here on pets is much lower than in the USA.” According to Harford.