Fresh data from buy now, pay later provider Zip demonstrates Aussies prioritised romance this Valentine’s Day, with overall spend up 20% on last year, despite talks of an impending recession. Spending on flowers, jewellery, lingerie and adult entertainment all increased on the most romantic day of the year this year also, in spite of rising cost of living concerns.
What were the findings of Zip’s survey?
According to Zip’s data, Aussies’ spending on flowers increased by an average of 195% from 6 February, compared to the week prior. This suggests some Aussies are an organised bunch of romantics, calling in orders and making flower purchases early. In the week leading up to Valentine’s Day, Zip users spent with Zip merchants such as Easy Flowers and Luxe Bouquet.
Following the steep increase in spending on flowers from the week of 6th February, spending skyrocketed by 422% on the 13th and 14th, compared to the two days prior. Zip users spent $105,000 on flowers on those two days alone. Spending on jewellery, watches and silverware increased by an average of 59% on the 13th and 14th compared to the week prior, with Zip users spending with merchants such as Michael Hill and Gregory Jewellers.
The company’s data shows spending on lingerie and adult entertainment also increased for the special occasion. Lingerie purchases increased by 82% on Valentine’s Day compared to the day prior, while average spending on adult entertainment (such as adult stores) on the 13th and 14th of February increased by 44% compared to the week prior. Zip users shopped with merchants in this category including Honey Birdette and Adultshop.com.
What were Zip’s thoughts on the survey?
“Our data shows that Aussies are quite the romantics, and are not letting recession fears get in the way of Valentine’s Day. Smart Aussie shoppers are using Zip to smooth their spending and manage increased costs that creep up on special occasions with some of our merchants like Michael Hill and Honey Birdette,” said Zip’s global Chief Growth Officer, Steve Brennen.
“Plus with Zip Pay also available everywhere that Visa is accepted through Tap & Zip, we’re giving our clients the power of paying flexibly across a range of non integrated merchants, so that they can spend with confidence on the things that matter most to them like love.”
