Although it is an age-old tradition believed to date back to ancient Rome, to many, Valentine’s day is seen as nothing more than a clever marketing ploy created to fish more cash from people’s wallets. Expected to fetch within the region of £1bn in Britain alone, it’s no secret that Valentine’s day is one of the hottest days on the retail calendar.
However, there has been a substantial slump in sales on this special day, with people’s spending ever falling since 2007. Therefore we wanted to find out if in more recent years the flame is dying out or if it is still well and truly lit?
At SBXL, we asked the nation how much they will be spending on their one and only this year and here are the big questions answered!
How many will be celebrating Valentine’s day this year?
A sad sight to see, only 42% will be celebrating Valentine’s day this year! We found that 33% of people were singletons, whilst the remaining 25%, although lucky in love, were choosing not to spend a single penny on their true love.
Who are the Valentine’s day scrooges and who’s been bitten by the love bug?
37% of people aged 70 and over were opting out of showering their true loves in gifts this Valentine’s, making them the least likely age group to spoil their significant others. (Let’s just hope that’s because they’ve had more opportunity to express their love than most!) However, the ones most likely to be celebrating Valentine’s day were those in their 30’s. People in their 40’s were over three times as likely than any other age group to spend over £100 on their partner.
Male or Female?
Our studies showed men are the hopeless romantics with only 20% not spending money on their Valentine compared with 29% of women! We found men are also twice as likely to splash the cash on their lover, with 18% spending over £20, compared to just 9% of women.
Where are they?
Scots are the least likely to spend money on their Valentine this year, whereas the Welsh and Irish are the most fluent in the language of love, with 50% spending money on the Valentine. However, the big spenders on the day, spending over a massive £100 were northerners.
How much do people spend on Valentine’s day?
For those who will be celebrating Valentine’s day, there is quite an even spread of people spending between about £5 and £50, however most will spend between £10 and £20 on a Valentine’s gift for their partner:
- “I will be making something” – 6%
- “I will be spending up to £5” – 21%
- “I will be spending about £5 – £10” – 20%
- “I will be spending about £10 – £20” – 22%
- “I will be spending about £20 – £50” – 21%
- “I will be spending about £50 – £100” – 7%
- “I will probably spend over £100” – 3%
What do Brits spend their money on for Valentine’s day?
- Food and drink – 42%
- Gifts (people being a little inconspicuous here) – 29%
- Flowers – 10%
- Jewellery – 7%
- Cards – 6%
- Chocolate – 6%
Happy Valentine’s day everyone!