Flowers are set to be the top product of choice for couples and romantics today, as Valentine’s Day product sales are estimated to reach £334.3 million.
Verdict Research predicts that demand for bouquets and single roses will boost flowers sales to £107.2 million for the celebration, followed closely by jewellery items will make £89.1 million for retailers.
Chocolates were less popular this year with expected sales of £55.4 million whilst those in love are being more creative in 2011 with other gifts representing £82.5 million in trade.
With trading currently affected by worries about the economy, an opportunity to promote sales around a national event will have come as welcome relief to many retailers.
Retail Analyst, Jonathan Banks, commented: “Valentine’s Day provides some light relief from the doom and gloom we’re being fed in the media.
“It’s slowly dawning on people that the government’s austerity measures have yet to bite – but they’re about to. I anticipate good trading on-line, with the high street finding it harder to persuade shoppers to make the extra effort.”
Recent customer surveys have shown a huge fall in consumer confidence at the start of this year and that the majority of shoppers expect to be worse off in 2011 than they were last year.
Upcoming events like the Royal Wedding will be key moments for retailers to re-invigorate consumer spending and Banks expects the industry to heavily publicise products relating to the nuptials.
“Events are a badly needed part of any marketing plan,” Banks added.
“They provide a reason/permission for manufacturers and retailers to give new/more of the same old messages to their customers. Just wait for the Olympics”