Valentine’s Day spend likely to decline, says FNB

Valentine’s Day spend is expected to decline this year, amid a pandemic that has strained household budgets and limited entertainment options. Contrary to this year’s anticipated decline in Valentine’s spend, past trends have indicated that consumers have been spending more each year on categories such as chocolatiers, flowers, general gifts and jewellery.

According to FNB’s Retail insights, spend on chocolatiers increased by 171% during Valentine’s week in 2020 compared to the previous week. The increase in online chocolate purchases was more than double (316%) when compared to the 125% increase of instore purchase. Other popular spend categories in 2020 were flowers with a 74% increase in spend during Valentine’s week versus the preceding week and jewellery spend increased 35% compared to the week prior.

Raj Makanjee, CEO of FNB Retail and Private Banking says, “Although consumers are faced with financial pressure, our data shows that Valentine’s Day remains a popular period in which people celebrate and spoil their loved ones. This year, we expect a further uptick in consumers who shop online from eCommerce retailers, and we are pleased to be able to support our customers with convenient and safer ways to pay for goods and service, irrespective of where they choose to shop. As always, we encourage all our customers to spend wisely and to leverage our eBucks Rewards at over 30 eBucks partners to supplement their budgets.”

“Our customers are adopting convenient ways to shop and pay, and security remains a critical factor for all purchases. We have been witnessing a greater migration to online purchases than ever before and believe that the world-class security and convenience of offerings such as our Virtual Card will continue to be a preferable transactional method for customers over this time. One of the key security features on our Virtual Card is a dynamic Card Verification Value (CVV) security number that changes every hour to help customers minimise the risk of fraud when shopping online,” says Chris Labuschagne, CEO of FNB Card. 

Labuschagne says FNB encourages consumers to prioritise money management and to transact on reputable platforms.

“We encourage customers to use our broad range of payment options and use trusted platforms when shopping online. In addition, they should always keep information such as PINs and passwords safe and to only authenticate transactions they have initiated. Although we encourage consumers to celebrate their loved ones this Valentine’s Day, planning and budgeting for purchases remains important over this time,” concludes Labuschagne.

Bandile Mathebula

Award wining writer and Journalist. Founding Editor In Chief at Sibizi News. Managing Director at Sibizi Media. Vice-Chairman at Ignite Young Minds SA. I have worked in the media industry for the past 7 years working across different brands and industries.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Online but not isolated: personal connection key to academic success

Mon Feb 15 , 2021
A recent survey by The Independent Institute of Education confirmed that the ability of an institution to keep students connected, engaged and motivated was key to successful learning during lockdown – yet many online learning providers merely provide a paper-behind-glass style curriculum, which makes it extremely difficult for students to get involved in and excited about their learning journey.

Let’s get social

Bujwa no Dzet presents the 'Ncika Remix' now available on all digital platforms. @Dzet_wabantu

Read more below
#artisit #gqom #lean #music #ncikaremix

In celebration of the festive season of Ramadan, Gerena Free Fire is introducing its first Ramada-themed event, Light of Ramadan.

Read more below...
#entertainment #event #games #Rewards #technology

The African Coalition on Menstrual Health Management (ACMHM) is collaborating with UNFPA, the United Nations sexual and reproductive health agency, which will be held from 25 until 27 May 2021.

Read more below...
#communities #family #healthcare #women

Did someone say Comedy?

Comedy lovers I have some thrilling news for you ,5 HeavyWeight comedy show is coming to Carnival City for one night only.

Read more below...
#comedy #competition #entetainment #show

Smart on-demand emergency response services app, Trigger, today announced it has broadened its offering to include the National Sea Rescue Institute (NSRI).

Read more below...
#digital #mobileapps #safety #technology #trigger

Load More...
Wordpress Social Share Plugin powered by Ultimatelysocial