Spaniards spent four times more on average (443%) during their Valentine’s purchases compared to the previous period of great consumption, the sales , also increasing average spending per purchase by 13.90% compared to last year, according to a study by Mangopay, payment infrastructure provider for platforms.
The company has analyzed the transactions carried out in the marketplaces to which it offers service during Valentine’s week and has compared them with the data obtained during the winter sales, two of the most anticipated periods by brands and consumers each year.
Data from the payment infrastructure show a 37% increase in the number of transactions made in marketplaces compared to last year on Valentine’s Day. Material goods such as clothing and accessories have been the most chosen gifts by nine out of ten people, far ahead of experiences traditionally related to this day such as hospitality and travel.
Among the data analyzed by the company, the coincidence in the payment methods chosen by Spaniards to make their purchases in marketplaces during the commercial activities defined between February 6 and 15 (Valentine’s Day shopping period) stands out, as well as between January 11 and February 3 (sale period). These are firstly Visa or Mastercard cards, followed by Paypal , which remains one of the preferred payment methods for Spaniards, and thirdly, Apple Pay , the mobile payment service created by the apple brand, which is positioned in the top 3 payment methods in Spain.
Marketplaces, keys for purchases in the inflationary context
On the other hand, this year inflation has become an important factor when making our purchases. According to the latest annual consumer report from the company Mirakl, ‘Consumer Preferences in the Digital Economy’, inflation and high prices are the main concern for more than half of those surveyed, 51%, when purchasing products.
Marketplaces play a fundamental role in decision making in the purchase of products . In a context of economic uncertainty, consumers seek to find better prices and these spaces have become the best showcase, making it possible to compare prices in a comfortable and simple way. In this sense, and according to the data from the same study, four out of five Spanish consumers believe that marketplaces are the most comfortable way to buy online , as well as that 28% of Spanish consumers say they buy weekly in one of them.
Comparison of the Mangopay data for Valentine’s Day purchases with those made in 2022 during the same period confirm an increase in average spending of 13.90% in marketplaces , which is deduced from the generalized price increases in our country during the last year. Likewise, the number of transactions carried out has increased by up to 37% during Valentine’s Day.
Sunday afternoons, the preferred time
The time chosen by Spanish consumers to make their purchases is Sunday afternoon. Their preferred time slot is from 6:00 p.m. to 9:00 p.m., being the four hours of the week where the most transactions have been made in marketplaces during these past sales.
Likewise, January 31 and February 1 stand out as the days with the greatest activity, coinciding with the last and first day of the month and, therefore, with the collection of the expected payroll. In the case of Valentine’s Day, it stands out that most people have been proactive with their purchases, anticipating a week before to find the perfect gift for their partners and only 8% of the gifts ordered were cancelled.