Britons are set to spend almost £1bn on their partners on Valentines Day according to technology company Postcode Anywhere.
The firm analysed the volume of purchases for flowers, chocolates, lingerie, jewellery, adult gifts and fragrance, across its 8,000 ecommerce customer base.
Among the findings, the research cites how Londoners are more likely to purchase flowers for their partners on Valentine‘s Day, consumers from Leeds are more likely to buy chocolate and in Birmingham lingerie proves a popular choice.
Guy Mucklow CEO of Postcode Anywhere said: “Valentine‘s Day is now one of the major spending occasions for both UK and US consumers, and one of the major events on the retail shopping calendar.
“This year, Britons are predicted to spend a staggering £978m on their partners on Valentine‘s Day so it‘s certainly not something retailers can afford to take lightly.”
The news comes as online adult retailer Lovehoney saw its full-year profits treble to £2.25m in January while lingerie specialist Ann Summers increased its pre-tax profits to £4m for the year ended 30 June 2012.