Some 40% of UK shoppers are planning to celebrate Valentine’s Day this year, and 39% say that they are going to spend more than they did last year, according to New Valentine’s Day research by Savvy.
A majority (70%) of UK consumers perceive Valentine’s Day to be a special occasion, and 62% are in fact, looking forward to this special day, therefore 62% report to not mind spending more money to make it more exceptional.
The report’s analysis reveals that the estimated value for Valentine’s Day to the retail sector will reach £726m for 2017, up £39m from last year. More than a half (56%) of the UK shoppers report that they will be going online to buy gifts for their loved ones, which is an increase to 70% amongst 18-34 year-olds.
When it comes to Valentine’s Day gift preferences, women in the UK say that the most perfect present would be flowers (30%), followed by a card from a shop and a meal at the restaurant, both scoring 28% apiece. On the other hand, men in the UK admit that the way to their heart is through stomach, with 26% most hoping to receive chocolate this year, closely followed by a meal at a restaurant (24%) and then, a shop-bought card (23%).
“With consumer confidence shaky and grocery volumes stagnant, retailers will be pleased to see that shoppers plan to spend more this Valentine’s Day, giving the retail events calendar a solid start to the year,” says Alastair Lockhart, insight director at Savvy.
“While shoppers are cautious in their spending, our broader research shows they have a desire to make the most of events. At the same time, retailers across the board continue to increase their focus on calendar events. While discounters, from Aldi to B&M see events as drivers of incremental sales, the big four are using events as part of their strategies to differentiate.”
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