The number of travel transactions leading up to Valentine’s Day increased 23 percent this year versus three years ago, according to Mastercard International, an indication that lovers are moving away from traditional gifts like flowers and jewelry, and more towards experiences.
The number of transactions for flowers increased by 14 percent during the same period, although the volume spent decreased by 3 percent. Similarly, with jewelry, spend decreased by 9 percent, but transactions increased by 10 percent.
“Our data suggests that while people still purchase traditional gifts, the move towards putting on a great experience trumps all,” said Ann Cairns, president, for Mastercard’s International division.
The annual “Mastercard Love Index,” which analyzes global credit, debit and prepaid transactions across the past three Valentine periods (11th-14th February 2015-17), reveals dining out for ‘date night’ still takes the top spot, with 40% share of spend, and 75% share of transactions in 2017.
This year, travel accounted for 22 percent of total spend over, while lodging holds 27 percent share of spend.