Kenyans still want to splurge on their loved ones
Sentimental spending in Kenya is up 240% over past 10 years: research. Source: pexels.com
Sentimental shoppers in Kenya are investing more than ever before as spending is up 240% over the past decade, according to the annual Mastercard Love Index.
The report highlights that Kenya is purchasing 458% more the number of gifts and experiences than they were ten years ago.
Spends on traditional items and outings also grew over the past decade, such as flights at 327% followed by restaurants at 237%.
Although, as most of the world still faces lockdown limitations, restaurant DIY kits, park walks, home-cooked meals, and movie marathons are set to be the top ways couples will bring romantic experiences home this year.
Online shopping has grown steadily over the past decade and is at an all-time high – with a 1225% increase in the number of online transactions in Valentine’s Day period over the past ten years.
In addition, contactless transactions have also shown significant growth from last year, with the volume of contactless payments growing by 1100% in 2020, compared to 2019.
We’ve reported that Kenyan women enterprises will get $5 billion in funding.
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