Visa: Filipinos are spending smarter this Valentine's

As Valentine’s Day approaches, love is in the air - but so is financial caution. A new analysis from Visa Consulting and Analytics reveals that Filipinos are redefining romance, prioritising meaningful experiences over extravagant spending.

Last year, while transactions surged in February compared to the previous year, Filipinos were making every peso count, lowering the average amount spent per transaction. This might have been driven by inflation and higher commodity prices, the report says. This year, Filipino consumers are also likely to prioritise value and affordability.

Love that lasts beyond one day

Unlike previous years, where 14 February saw a sharp spike in transactions, Visa's data indicates a shift in 2024 - Filipinos spread their celebrations across the weekends before and after the big day. This change suggests that couples are becoming more flexible, opting for celebrations that fit their budgets and schedules rather than feeling tied to a single date.

Notably, while overall transactions increased, the average spend per purchase saw a slight decline. This trend aligns with the impact of rising costs, prompting Filipinos to seek ways to celebrate without overspending. Spending on food-related categories dipped, while travel-related purchases saw an uptick, hinting at a growing preference for getaways.

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Visa's findings also highlight a shift in gift preferences. While spending on flowers decreased slightly, purchases of books, jewellery, shoes, and sporting goods saw a significant rise. More Filipinos are leaning toward durable and practical gifts over fleeting floral arrangements, reflecting a desire for presents with lasting impact.

Moreover, there's a rising trend in personalised gifts. Arts and crafts purchases increased, suggesting a greater appreciation for handmade and heartfelt gestures. Whether it's a DIY gift or a hand-painted card, Filipinos are finding creative ways to express love without breaking the bank.

Amid economic pressures, Visa's latest research reveals a growing reliance on credit card rewards and promotional discounts. Many consumers are strategically using cashback offers, loyalty points, and exclusive deals to enhance their celebrations while staying within budget.

"It's all about offering more ways to make the most of your budget, so you can focus on creating memorable moments with those you love," said Jeffrey Navarro, country manager of Visa Philippines.

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