Visa (NYSE: V), a global leader in digital payments, has released new insights into consumer behavior during February 2024. Visa Consulting & Analytics found that more active cards were used for transactions, indicating a change in how Filipinos are celebrating Valentine’s Day.
The data shows an overall increase in transactions for February 2024 compared to February 2023, driven by more active card users. Despite the rise in transactions, the average amount spent per transaction slightly declined. This suggests that inflation and higher commodity prices may have led consumers to be more cautious with their spending this Valentine’s month.
Unlike Valentine’s Day 2023, which saw a peak in transactions on the day itself, the peak in 2024 occurred on the weekends before and after Valentine’s Day. This change points to evolving consumer preferences. The report also highlights changes in spending patterns. Spending on food-related categories decreased, while spending on travel-related categories saw a slight rise. There was a significant increase in spending on local transport services. Spending on gifts, such as books, shoes, sporting goods, and jewelry, saw significant growth. Spending on flowers decreased slightly, indicating a preference for more durable gifts. Spending on health and beauty spas remained steady.
Consumers Are Spending Smarter: Likely to Prioritize Value and Affordability this Valentine’s
Visa’s latest Green Shoots Radar Survey reveals that many Filipinos are adopting a more budget-conscious approach this year. Instead of splurging on luxury items, they are focusing on experiences that create lasting memories. Across the Asia-Pacific region, many consumers are cutting back on non-essential spending, channeling their budgets into special moments with loved ones.
Shifting Towards Sentimentality: The Growing Demand for Personalized and Meaningful Gestures
With excessive spending taking a backseat, personalized and meaningful gestures are becoming more popular. Custom gifts, handmade creations, and intimate dinners are the go-to choices this season, reflecting deeper emotional connections. According to the survey, arts and crafts purchases are on the rise, with more Filipinos shopping in this category compared to last year. These creative purchases, whether it’s a hand-painted card or a DIY gift, show the effort put into expressing love authentically.
Managing Budgets with Rewards and Discounts for Celebrations
How are Filipinos making it all work on a budget? By leveraging rewards and discounts. Visa’s survey shows that many Filipinos are tapping into promotional deals through their credit cards. By taking advantage of cashback, loyalty points, and exclusive discounts, they’re able to treat their special someone to a memorable Valentine’s experience without the financial strain.
“With Visa, couples can unlock added value with every purchase, from thoughtful gifts to special meals, making it easier to celebrate love while staying within their budget. It’s all about offering more ways to make the most of your budget, so you can focus on creating memorable moments with those you love,” said Jeffrey Navarro, Country Manager, Visa Philippines.
