While consumers believe Valentine’s Day has become too commercial, it is estimated that Britain will spend £980m for it – a £15m increase on 2015.
According to research by Verdict Retail, despite more than half of consumers feeling that Valentine’s Day is a waste of money, it has not stopped Britain spending. Last year saw £313m spent on food and drink, £518m spent on gifts, and £135m spent on seasonal non-food items such as cards and wrap
With the economy now showing some important signs of recovery, this is beginning to filter through in terms of consumer sentiment. Here we are seeing real wage growth outstripping inflation, and consumers are now finding themselves with greater levels of disposable income.
This increased confidence, paired with Valentine’s Day falling on a Sunday this year which allows more time to be spent consuming food and drink, will give the occasion a boost as well as encourage participation.
“Not only are partners and spouses going to benefit this year from the uptick in consumer confidence, with increased spending on Valentine’s Day but retailers are benefitting from it too as occasions such as these are a significant opportunity to boost sales” said Greg Bromley, Retail Analyst at Verdict.