Valentine's Day spending set for double-digit growth, says FNB

Valentine’s Day spending set for double-digit growth, says FNB

Valentine’s Day spending is expected to double in 2025, with chocolates, flowers, jewellery, and online purchases driving consumer trends.

Valentine's day gift. Image: iStock

Valentine’s Day, a much-anticipated occasion for celebrating love through gifts and cherished moments, is seeing a steady rise in consumer spending. According to FNB, spending on popular Valentine’s categories chocolates, flowers, general gifts, and jewellery increased by 11% year-on-year in 2024, with a double-digit growth expected this year.

During the week of Valentine’s Day, spending trends have shown consistent growth. In 2024, spending on chocolates rose by 54%, following a 60% week-on-week increase in 2023. Similarly, flower purchases grew by an impressive 91% in 2024, compared to an 83% jump in 2023. General gifts and jewellery noted steady increases of 9% in 2024 and 10% in 2023, underscoring a continued willingness to splurge on loved ones.

Valentine’s Day: Shift Toward Online Shopping

Sense Nsibande, FNB Credit Card CEO, highlighted customers’ changing shopping habits.

“Our data shows that Valentine’s Day drives significant card spending as consumers celebrate and spoil their loved ones. We are also pleased to see a growing split between online and in-store purchases, reflecting the convenience and safety our card payment options provide,” Nsibande explained.

He emphasised the role of secure online payment options, such as FNBs Virtual Card, in facilitating this shift.

“One of the key security features on our Virtual Card is a dynamic CVV security number that changes every hour, helping customers minimise the risk of fraud when shopping online. Customers are increasingly adopting this secure and convenient method of transacting,” he added.

Balancing Love and Financial Responsibility

While spending may rise due to the recent interest rate cuts, which are giving consumers more disposable income, FNB has urged customers to remain financially prudent.

“We encourage customers to spend responsibly within their budgets and transact on trusted platforms. It’s crucial to protect personal information, such as PINs and passwords, and only to authenticate transactions they initiate,” Nsibande advised.