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V-Day spend on dining high: Mastercard
MUMBAI: It’s going to be a busy Valentine’s Day. According to the latest Mastercard Consumer Purchasing Priorities Survey, more than half of Indian consumers plan to go out for a meal on Valentine’s Day (55 per cent), and more than a third plan to spend time with their loved ones by going to the movies (42 per cent).
The Mastercard survey throws light on spending patterns that are expected this Valentine’s Day. Among the Indian consumers surveyed, a fifth of (21 per cent) plan to buy a gift for their loved ones on Valentines’ Day, on an average spending close to Rs 1,500. Men and women show love differently when it comes to choosing gifts Among both genders, Indian consumers prefer to play it safe with their choice of gifts with the favorites being flowers (39 per cent), followed by cards (22 per cent) and chocolates (19 per cent), while some other options include jewellery, clothes, leather goods and high end gadgets.
Consumer Purchasing Priorities survey 2016 — http://news.mstr.cd/2l0bXI6
Although flowers reign supreme as the gift of choice, according to the second annual global “Mastercard Love Index” – created by analyzing credit, debit and prepaid card transactions over a three-year period – spending on flowers has decreased by 49 percent from 2014 to 2016, and spending in restaurants has increased by 91 per cent accounting for 55 percent of all transactions.
Mastercard senior VP communications Asia Pacific Georgette Tan said “When it comes to expressing love on Valentine’s Day, Asia Pacific consumers including India are still sticking to traditional favorites including flowers and going out for a nice meal. Celebrated across cultures, Valentine’s Day continues to be one of the biggest spending days around the world, with young and mature consumers enjoying the merriments associated with this special day.”
Meanwhile, people in Asia Pacific still value a personal touch, with 85 percent of transactions around Valentine’s Day made in person. At the same time, the Mastercard Love Index also revealed that technology is helping fire cupid’s arrow with Asia Pacific having seen an 81 percent increase in online sales over the last three years.
Methodology
The global “Mastercard Love Index” study analyzed aggregated transaction information made by credit, debit and prepaid cards across pre-selected merchant categories which took place over a three-year period from 2014 to 2016.
Meanwhile, the survey data for Asia Pacific is based on Consumer Purchasing Priorities for the first half of 2017. 9,123 people in 18 markets across Asia Pacific aged 18-64, were asked about their spending plans for Valentine’s Day 2017. The markets included Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. Data collection channels included internet surveys, in-person interviews, as well as telephone interviews, with the questionnaire available in both English and local language, whenever appropriate or necessary. The Index and its accompanying reports do not represent MasterCard’s financial performance.
Mastercard and its Suite of Research Properties
The Mastercard Index suite in Asia Pacific includes the long-running Mastercard Index of Consumer Confidence, as well as the Mastercard Index of Women’s Advancement, Mastercard Index of Financial Literacy, and the Mastercard Index of Global Destination Cities. In addition to the indices, Mastercard’s research properties also include a range of consumer surveys including Online Shopping, Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
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Tata Elxsi CFO Gaurav Bajaj quits, Nalin Rana to take over
Gaurav Bajaj exits on May 29th; Nalin Rana, a veteran of Standard Chartered and Tata Sons, steps in the next day
BENGALURU: Tata Elxsi is getting a new man on the money. The design and technology services company announced on Monday that its chief financial officer, Gaurav Bajaj, has resigned, effective close of business on May 29th, 2026, to pursue opportunities outside the organisation. He will be succeeded the very next day by Nalin Rana, whose appointment has been approved by the board on the recommendation of the Nomination and Remuneration Committee.
Rana is no stranger to big numbers. He brings roughly 17 years of experience spanning strategic finance, corporate strategy, investment banking, mergers and acquisitions, and fund-raising. He currently holds leadership roles within the Tata Group, including at Tata Sons, and sits on the boards of Tata Teleservices Limited and Tata Teleservices (Maharashtra) Limited. Before joining the Tata Group in 2021, he was executive director in investment banking at Standard Chartered Bank, where he advised clients on mergers, acquisitions, and fund-raising transactions worth over $15 billion.
Rana will also serve as a key managerial personnel under the Companies Act, 2013, in line with regulatory disclosure requirements under SEBI Listing Regulations.
The Nomination and Remuneration Committee and the board placed on record their appreciation for Bajaj’s contribution during his tenure, the company said in a regulatory filing.
One CFO out, one in, and barely 24 hours between them. For Tata Elxsi, the transition is textbook neat. For Rana, the real work starts May 30th.
