Are Singaporeans More Involved in ‘Sentimental Spending'?
How much have you spent on sentimental items on Valentine’s Day over the previous three years? Based on a study, more Singaporeans have indulged themselves in the so-called sentimental spending on items such as flowers and jewelry. In fact, spending on bouquets and other floral arrangements surged by 102% on Feb. 11 to 14 from 2016 to 2018, according to the Mastercard Love Index. Singaporeans also splurged on experience-based products like hotel staycations and dining in fancy restaurants during Valentine’s Day. However, flowers and jewelry remain the two most popular gift items for the special day. If you’re looking for a florist, Singapore has many stores like Flora Moments.
About the Study
The Mastercard index only covered electronic payments such as credit and debit card transactions, so the overall figure for Valentine’s Day in Singapore is much bigger when you include cash payments. Most purchases happened on Feb. 14 and you may have noticed sold-out flowers at your favorite florist in Singapore. That’s why next year, it’s important to make reservations for certain types of flowers. For instance, a bouquet of red roses is always a popular choice as gifts. If you’re really busy, then an online florist can help you arrange a special bouquet. You only have to add items to your cart and schedule a delivery time. At Flora Moments, we also offer same-day delivery of fresh flowers on Valentine’s Day to make sure everything is perfect for the special occasion. Last-minute shoppers or those who bought gifts on Feb. 14 still accounted for the biggest portion of Valentine’s Day spending. We can’t blame couples, though, since people also have work and other responsibilities. Their busy schedule also contributed to a 48% increase in e-commerce spending over Valentine’s day in the last three years. A YouGov survey of more than 1,000 Singaporeans showed that eight out of 10 people plan to give a Valentine’s gift. For this year, they plan to spend around $120 on average.
By the Numbers
E-commerce spending isn’t the only thing that benefited from more people shopping at the last minute on Valentine’s Day. Food and beverage outlets in Singapore always notice an uptick in business on Feb. 14, although Christmas and New Year’s Day are still the most popular times to eat out among Singaporeans. However, florists in Singapore receive a lot of inquiries for flower deliveries on Feb. 14. Singaporeans, especially men, are also willing to spend more on bouquets. If they normally spend $100 on regular days, they won’t mind forking out $150 to send flowers on Valentine’s Day.
Money-saving Tips for Buying Flowers
Take advantage of promotional offers to save money. For instance, our recent promos included free balloons for all hand bouquets. Another way to save money is to choose less popular flowers like carnations instead of roses and peonies. The more popular a type of flower is, the more expensive it will be on Valentine’s Day.
Long-term Couples Are Less Likely to Celebrate Valentine’s Day
YouGov’s survey also revealed an interesting tidbit: Singaporeans who are in a long-term relationship are less likely to celebrate Feb. 14. The longer you have stayed together, the less likely you want to plan things on Valentine’s Day. Around 27% of long-term couples who have been together for 20 years or more planned to celebrate this year. By contrast, almost 80% of surveyed couples who have been in a relationship for less than a year had plans on Feb. 14. Married couples are also less likely to celebrate the day, especially those who have children.
Marriage Proposals Also Become Popular on Feb. 14
Men also take advantage of the romantic mood on Valentine’s day to get on one knee and pop the question. It’s not uncommon for marriage proposals to happen on Feb. 14, but there’s a new trend that involves professional event planning for engagements. The wedding industry soon picked up on what is now known as engagement planning service, which costs up to $20,000! Despite the high price, some men are willing to spend that much to plan a memorable and romantic evening. An increasing number of affluent people in Singapore contributes to the rising trend of engagement and proposal services. NUS sociologist Tan Ern Ser said that it’s normal for people to want better things after experiencing an increase in net worth and income. The emergence of professional engagement planners only proves that there are more upper-middle-class people in Singapore. Social media also fuels the popularity of such services. Singapore University of Social Sciences professor Lim Tai Wei, who studies social trends, attributed the prevalence of using social media in Singapore to the growth of engagement planning and services. People use Facebook and Instagram to curate the events in their daily lives. Since a marriage proposal is an important milestone, it’s obvious that couples will want to document the event and post it online. But for some people, requesting help for their engagement plans doesn’t necessarily mean that they are narcissistic or like to show off to other people. Nanyang Polytechnic professor Umah Devi said that some men just don’t have the creative skill to pull off a romantic proposal. They feel a bit of pressure to come up with intricate plans so hiring a professional is the solution. For other men, they are simply too busy with work that paying a professional to handle everything will be a worthwhile expense.