Canadians love to spend money online on Valentine's, says Mastercard
When love is in the air, Canadians do a lot of shopping online, according to Mastercard’s annual Love Index.
E-commerce transactions jumped by 216 per cent in Canada on Valentine’s over the past three years, while the value of contactless transactions increased by 206 per cent. Flower purchases rose by 18 per cent during this period (Feb. 11-14) but transactions of jewelry dropped by eight.
Mastercard’s annual index also shows that couples like to travel during the Valentine’s period. In addition to a 27 per cent increase in transactions on travel experiences, 20 per cent of total transactions went to hotel stays. Globally, the index says there is a 1,064 per cent increase in the amount spent on air and train travel.
Canadians also plan ahead – a little bit, anyway – as the majority of purchases happen on Feb. 11. The data says 30 per cent of Valentine’s purchases across the world are made on Feb. 11.
On a global scale, the index suggests the best way to a lover’s heart is through their stomach. Dining out took the top spot with 40 per cent share of spending and 75 per cent share of transactions in 2017. That trend can be seen in Canada as well, as 39 per cent of share of spending is on dining out.
The study was conducted in Canada and more than 200 territories across the globe.
“Contactless payments are convenient and make life that little bit easier, so it’s great to see people embracing the technology around the world,” said Ann Cairns, president, international for Mastercard.