Are Hongkongers getting more romantic? Money spent on Valentine’s Day climbs by almost two thirds, according to Mastercard’s Love Index

It seems Hongkongers are getting more romantic.

The city’s loved-up couples spent almost two thirds more money on Valentine’s Day last year than they did in 2016, according to a survey by global payments company Mastercard.

The 62 per cent increase was the third biggest in Asia, after China and Japan which saw 88 per cent and 68 per cent growth, respectively, in the two-year period.

Released on Thursday, the annual Mastercard Love Index analysed credit, debit and prepaid card transactions during the Valentine’s Day period of February 11-14, between 2016 and 2018.

The index did not provide figures, just the growth in spending as a percentage. But another survey by Mastercard last year showed Hongkongers spent an average of HK$1,800 (US$231) on their significant other, which was the third largest amount in the region after China and Taiwan.

Though it originated in Europe as a Christian feast, Valentine’s Day is a big deal in Asia where traditional gestures like showering loved ones with chocolates and flowers, booking restaurant dinners and hotel retreats are commonplace.

For the Asia-Pacific region as a whole, spending jumped by a third from 2016 to 2018, the index showed, around half of that in Hong Kong.

Higher spending power in the region as well as price increases and inflation are helping to drive Valentine’s Day sales and volume, according to Mariana Kou, head of China education and Hong Kong consumer at brokerage CLSA.

Other factors include a cultural shift in mainland China with people placing more emphasis on the western Valentine’s Day as well as their equivalent, the Qixi festival, and an increase in promotional campaigns by brands, she added.

The rise in the actual number of transactions in Hong Kong was 2 per cent below the region’s average, suggesting higher spending per individual was responsible for the increase.

In Hong Kong, the number of transactions made in restaurants increased by a fifth from 2016 to 2018, and actual spending rose 30 per cent. Transactions for hotel stays jumped 63 per cent over the same period, with a 66 per cent total increase in spending.

Old-fashioned gifts still play their part. The number of transactions on flowers rose by 45 per cent with the overall spend up 93 per cent, and spending on jewellery climbed 43 per cent.

Valentine’s Day is big business worldwide. Cash splashed in America alone is predicted to hit over US$20 billion this year, according to the country’s National Retail Federation.