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GROWTH OF THE LOVE ECONOMY

VALENTINE’S DAY SPEND UP 37% IN THREE YEARS IN EGYPT

– A new study of card transactions from over 53 countries around the world,including Egypt,

has revealed that the ‘love economy’ is growing five times as fast as the global economy with Valentine’s Day spend up 17 percentsince 2017.

In Egypt, the figure goes up to 37 percent as Valentine’s Day continues gaining popularity.

Romantics in Egypt are spending more than ever before,

with overall transactions in the lead up to Valentine’s Day (11-14 Feb) up by 46percentover the past three years

, reaching over 12 million dollars. The figures come from the Mastercard Love Index, which

analyses spending habits and trends around Valentine’s Day by analyzing credit,

 

debit and prepaid card transactions across the globe.

The trend of gifting ‘experiences’ surpassed traditional gifts like flowers and jewelry,

though theamount spent on flowershas risen up by115percentcompared to the past

yearand spend on jewelryincreased by92percent compared to the past three years.

The data also reveals thatspend on traditional Valentine’s Day cards remain popular rising by 85 per cent in 2019.

Nevertheless, expenditures on experiences still top the list with hotel bookings acquiring a

majority of 43% of total spend on Valentine’s Day in 2019;

and a massive 4million dollarsspend onflight bookingsand trips away last year.

Food continues to be a safe way to people’s hearts, with spend in restaurants continuing to increase for Valentine’s Day year-on-year.

Since 2017 there has been a 66 percent increase in the number of Valentine’s Day transactions in restaurants, with overall spend increasing by 86 percent to over 700 thousand dollarsin 2019.

“The trend of favoring shared experience continues to grow and it’s clear that today

Egyptians place a great emphasis on investing in time and memories together,

yet, physical shows of affection expressed through traditional gifts such as flowers and jewelry also increased dramatically,

” said Mohamed Assem, Egypt Country Manager at Mastercard. “The Mastercard Love Index is a unique look at how buying behavior is evolving over time,

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.”

 

 

 

 

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