This year, consumers spent more at jewellery, florists and gift shops, according to the bank.
Spending at florists increased by 116% overall, with online sales increasing by 204% and in-store sales increasing by 147%. Spend at jewellers was 35% higher compared to the same period last year, with online shopping up by 8% while in-store shopping increased by 37%. Similarly, gift shop spending increased by 39%, with online and in-store spending increasing by 12% and 30%, respectively.
According to Ashley Saffy, head of spend and customer value management at FNB Card, Valentine's Day is one of the most popular spending occasions every year as people take advantage of discounts to spoil their loved ones.
"We are encouraged to see a growing shift in consumer shopping habits as they use both in-store and online shopping. This shows that more people are beginning to appreciate convenient and safer ways to shop.
"Our customers are also increasingly using safer payment methods, such as virtual cards, which provide several layers of security. Furthermore, the ability to tap and pay with a smartphone at a physical point of sale improves the shopping experience for both the consumer and the retailer," she adds.
