A study has found that couples from Mainland China are the biggest spenders on Valentine’s Day in Asia.
According to SCMP, a Mastercard survey concluded that people from Mainland China were prepared to spend US$274 on average for Valentine’s Day.
Taiwan took second place with an average of $245 whilst Singapore and Hong Kong were tied in fourth place with an average spending of $180. Thailand was fifth with $145.
The survey involved 9,141 respondents in 18 Asia-Pacific markets last October.
Last year, Mainland Chinese people spent an average of $340 on Valentine’s Day – the increase is likely due to the strengthening of the Yuan.
According to Mastercard’s latest Love Index, Valentine’s Day spending in Asia has increased by 22% since 2015. 69% of that spending was on dining out on 14 February, whilst catching a flight or train away saw an increase by 17% last year – accounting fo 21% of the total spend during the period.
A 30% increase was also reported in the number of e-commerce transactions. However, 89% of Valentine’s Day transactions in the region ares till done in person.
Rustom Dastoor, Senior Vice President, Marketing and Communications, Asia Pacific, Mastercard, said, “Whether it’s a small, sweet gesture or a sumptuous surprise for that special someone, consumers in Asia Pacific are feeling the love and spending more than ever before. The proof is in the purchase, as Valentine’s Day continues to be one of the most popular spending periods of the year.”
“Now in its third year, our Mastercard Love Index offers retailers priceless insights into how customers want to enjoy the most romantic day of the year. These insights, coupled with world-class technologies, enable us to co-create priceless experiences with cardholders and the people they care about most.”
