Valentines' Day celebrations. PHOTO | BMS
Valentines' Day celebrations. PHOTO | BMS

Kenyans raise out of their efforts to please their lovers on this Valentine's day. According to research, the majority of Kenyans have taken a step further including taking personal loans to revitalize their relationships.

According to Mastercard’s annual Love Index, the number of transactions on hotels in Kenya has risen by 65 percent from 2017 to 2019 as against 22 percent globally, putting hotels at the top of the wish list for Kenyans in the lead up to the most romantic day of the year.

Driven by this wanderlust, Kenyans also spent 37 percent more than they did in 2017 on booking flights and trips, flying with their partners to celebrate this special time of the year.

The Index, a study of transactions ahead of Valentine’s Day (February 11 -14 2017-2019) identifies spending habits and trends during this period by analyzing credit, debit and prepaid card transactions from 53 countries around the world.

Now in its fifth year, the findings reveal that the world’s ‘love economy’ is growing five times faster than the global economy, with Valentine’s Day spend around the world up 17 percent since 2017.

In Kenya, sentimental spending around Valentine’s Day has increased even up by 32 percent since 2017, with the overall transactions up by a whopping 51 percent. This growth is significantly higher than the global average of a 17 percent increase in spending, and total transactions increase by 31 percent.

The rise of online shopping also continues, with a 64 percent spike in online transactions in Valentine’s Day period against 57 percent globally over the past three years.

“Kenyans are keeping pace with global trends and favoring experiences over traditional gifts. It’s clear that the younger generation values the opportunity to create a shared experience,” said Adam Jones, Area Business Head East Africa, Mastercard.

 “It is easier to travel and book trips away now than ever before, which is reflected in the huge increases in flights and hotels booked online in the lead up to Valentine’s Day over the past three years. The Mastercard Love Index is a unique look at how buying behavior is evolving, and as we make our way in a new decade, we expect the trend of investing in time and memories together to continue to grow.”

Post a Comment

What is your say on this

Previous Post Next Post

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add to your ad blocking whitelist or disable your adblocking software.