By XINHUA
South Africa’s First National Bank (FNB) on Saturday said this year’s Valentine’s Day will be subdued with strained household budgets and limited entertainment options, however, people will spend more to shop online from e-commerce retailers
The FNB said, in the past lovers spent a lot buying chocolates, flowers, general gifts and jewellery.
“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,” said Raj Makanjee, CEO of retail and private banking at FNB.
According to FNB’s retail insights, there was a 74 percent increase in spend during Valentine’s week in 2020 versus the preceding week and jewellery spend increased 35 percent compared to the week prior.
Spending on chocolate increased by 171 percent during Valentine’s week in 2020 compared to the previous week. There is a 316 percent increase in online chocolate purchases when compared to the 125 percent increase in instore purchases.
“This year, we expect a further uptick in consumers who shop online from e-commerce retailers. We encourage all our customers to spend wisely,” he said.
South Africans have in the past year been faced with declining disposable income caused by the COVID-19.
