Brazilians spend more on lovers than mothers, Worldpay reveals
But Valentine’s romance fizzles out in just two days as panic buying sparks refund rush
Sao Paulo — New figures from Worldpay have revealed that Brazilians will be pushing the boat out on their loved ones this week, as spending on gifts soars in the run up to Valentine’s Day.
Worldpay’s analysis of online consumer spending patterns shows that Brazilians spent on average 20% more during the week before June 12th compared to the week before Mother's Day, thanks to the ease of internet shopping. With such a significant surge in spending in the run up Valentine’s Day in 2016 Worldpay are predicting this trend to continue ahead of June 12th this year.
Sales peaked three days before the national day of romance, as retailers experienced a wave of last-minute spending before the online order cut-off time. However, Worldpay’s data suggests that panic buying will lead to a surge in refunds, as Valentine’s lovers take just two days before returning gifts given to them by their significant others. In the days following June 12th for example, there was an impressive peak for returns, with refunds rocketing by 30% compared to the week leading up to the event.
Juan D’Antiochia, General Manager for Latin America at Worldpay said: “Brazilians are living up to their reputation as a nation of romantics, with Valentine’s sales significantly higher than on Mother’s Day, which is traditionally one of the busiest sales periods for online retailers. But more than ever we’re seeing consumers move to a culture of returning, with couples struggling to find the perfect gift for one another.”
“Having a simple refund policy displayed clearly on your website is a sure-fire way for internet retailers to maintain customer satisfaction and attract repeat custom. Retailers should be prepared to invest in making refunds as simple as possible for consumers. Valentine’s Day can be an extremely busy time of year. Retailers must also be prepared for the days following the event, when consumers start to return unwanted gifts.” he concludes.
Figures quoted are according to Worldpay’s Global eCom customer transaction data for online retailers in Brazil 02/05/2016-8/05/2016, compared to 06/06/2017-12/06/2017. Worldpay processed a total of 14.9bn transactions at a value of £451.1bn in 2016.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
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