Read more
For illustrative purposes. Picture: iStock
Despite the high cost of living, Valentine’s Day remains one of the special occasions where lovers go all out to show their love.
Standard Bank recorded increased spending for this year’s Valentine’s Day on 14 February. The growth was attributable to the day for lovers being on a Friday. Therefore, the weekend saw spending across different types of stores.
Tumelo Ramugondo, head of credit at Standard Bank, said jewellery stores, luxury goods retailers, spas and salons, and restaurants saw significant growth this year.
“Transaction volumes were noticeably higher compared to years when Valentine’s Day fell mid-week.”
He added that the spending for 2025 volumes and values was 12% higher than in 2024 and 25% higher than in 2023.
However, the average transaction value for 2025 was R411, slightly lower than in previous years.
“While customers spent more overall, many opted for lower-ticket value items. But some eye-popping transactions show that some people take gifting very seriously during this time.”
ALSO READ: Tech gifts for Valentine’s Day that last longer than fresh red roses
Ramugondo said the popular spend categories over that weekend included restaurants, department stores, hobbies, speciality goods and gifting shops, spas and salons, florists, and jewellery stores.
“Spending at jewellery stores increased by 154% year-on-year with an average transaction value of R2 000.
“There was a 48% increase in spend at spas and salons, followed by a 43% increase at restaurants.
“On average, customers spent R700 at florists.”
While some South Africans are struggling to make ends meet, an individual spent R475 000 on one gift at a jewellery store in Sandton, making it the highest local purchase.
Ramugondo said the highest internationally purchased gift cost R5.5 million at a jewellery store in Paris.
Regarding gender spending patterns, he said males generally spend more than female customers.
The two highest transactions on a gift mentioned above were by male customers.
“This year, males spent an average of R386 per transaction, compared to females who spent R357.
“The highest spend on a gift by a female customer was R52 500 at a luxury fashion house.”
ALSO READ: Black Friday overview: One consumer spent more than R400 000
FNB anticipated an increase in Valentine’s Day spending due to past trends.
“FNB card holders spend more each year on categories such as chocolates, flowers, general gifts and jewellery.
“Overall, Valentine’s Day spend in these categories increased by 11% year-on-year (YoY) in 2024 and is expected to double in digit growth this year,” said Senzo Nsibande, Credit Card CEO at FNB.
He said the most growth was seen in flowers, 83% in 2023 and 91% in 2024.
While general gifts noted a 10% spend increase in 2023 and 9% in 2024, jewellery equally saw a 10% spend uptick in 2023 and 9% in 2024.
Like Standard Bank, their data shows that men spend more daily than women.
“Our customers are adopting convenient ways to shop and pay, with security remaining a critical factor for all purchases.
“We have witnessed a greater migration to online purchases than ever before,” he said.
While consumers might have more disposable income based on the recent interest rate cut cycle and a bit more spending flexibility, the bank encourages them to prioritise money management by spending responsibly within their budgets and transacting on safe platforms.
“We encourage customers to use our broad range of payment options and trusted platforms when shopping online.”
NOW READ: Black Friday spending: Bank’s top purchase made at Cartier for R780k
Download our app