Valentine’s Day economics: Spending on flowers down but…
Amid the rising prices of basic commodities, Filipinos are tightening their belts even on the most romantic day of the year.
This, however, does not mean skipping celebration of Valentine’s Day at all. Filipinos struck by Cupid may be budget-conscious but they are passionate.
Instead of jewelry and other luxury items, Filipinos will likely spend on personalized gifts and intimate dinners to show their love to their partners, according to a study by global financial institution Visa.
Visa’s latest Green Shoots Radar Survey reveals that Filipinos are “focusing on experiences that create lasting memories” to build deeper connections with their loved ones—instead of “splurging on luxury items.” This is a phenomenon also seen across the Asia-Pacific region, Visa notes, as consumers trim nonessential spending.
Based on Visa’s observation last year, there were more payment transactions but the average amount spent in each one “slightly declined,” suggesting that “inflation and higher commodity prices may have led consumers to be more cautious with their spending this Valentine’s month.”
For one, Visa found out that spending on flowers had declined, signaling a preference for “more durable gifts.”
“With excessive spending taking a backseat, personalized and meaningful gestures are becoming more popular,” Visa notes.
And how do they do that? Some take the time to make their own gifts with their hands like painting a Valentine’s Day card with meaningful words written with love. So it is no wonder that Visa noticed that arts and crafts purchases are on the rise as well.
“These creative purchases, whether it’s a hand-painted card or a DIY (do-it-yourself) gift, show the effort put into expressing love authentically,” Visa says.
Personalized gifts
Others might not make their own gifts but they want them personalized nonetheless.
One could also never go wrong with intimate dinners where couples can have a moment to just talk to each other while enjoying their favorite meals, Visa says.
In line with this, some couples with fatter wallets also opt to spend their money on travels to create memories they will cherish forever.
Visa says that Filipinos are making it work on a budget by using rewards and discounts. They are on the lookout for 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,” it says.
Being practical during Valentine’s Day is nothing new for the Filipinos.
In a study by Social Weather Stations (SWS) last year, Filipinos prefer money as a Valentine’s Day gift. More women expressed this sentiment than men.
More men, on the other hand, wanted clothes as a gift than women.
The SWS study, which revealed that 58 percent of the Filipinos were “very happy” with their love life, also answered love and companionship; flowers; apparel; and any gift from the heart when asked, “What gift do you want to receive from your loved one this coming Valentine’s Day?”
The study was based on a survey of 1,200 adults across the country.
