‘LOVE INDEX’ – SPENDING MORE ON LOVE… AND ON CREDIT
It may be a bit self-serving but Mastercard reports that we are spending 183 percent more on Valentine’s Day declaring devotion to our loved one than we did three years ago – 183 percent that is, on credit.
What Mastercard are calling the ‘Love Index‘, that is spending on credit and debit cards covering 11 to 14 February, has shown a massive growth when it comes to shopping online. Traditional shopping, actually going to a shop and buying that special something for that special person, has declined however.
The Love Index also suggests that whilst online shopping might be more convenient it also suggests we are being a bit more parsimonious, or should that be cheap? Spending on jewellery and flowers has fallen by 32 percent since 2015.
But perhaps we’re not being tight, just changing the way we show our affection. The Indexreveals that spending on travel for St Valentine’s Day rose by 90 percent last year and now makes about nearly a third of all expenditure at this time of romance.