Whether you’re a singleton or all loved up, the most romantic day of the year is creeping up on us again – Valentine’s Day. And with it comes a desire to reach into our pockets and shower our loved ones with romantic gestures and gifts.
While the spending craze is arguably not as significant compared to other commercial-driven holidays like Black Friday and Christmas, we still tend to fork out a significant amount of dosh on the day of love.
We take a look at the nation’s spending habits, how much we’re willing to spend, and what gifts we choose to express our affections on the international day of love.
How Many People Celebrate Valentine’s Day?
Based on research by Finder.com, more Brits are planning to celebrate Valentine’s Day this year than ever before. In a survey of 2,000 people across Great Britain, it was found that 4 in 5 residents will be celebrating on 14th February.
In 2018, 69% of us chose to participate in a romantic holiday, compared to 79% this year. That’s 10% more of us celebrating the day of love than two years ago. Romance is in the air!
Of those celebrating, over 32 million (61%) Brits will be spending their hard-earned cash spoiling their loved ones, their pets or even themselves with gifts. However, 9.4 million will be celebrating the occasion, but without spending anything.
How Much Do People Spend on Valentine’s Day Gifts?
We’re spending more on the 14 February than previous years – £7 more to be exact.
This year, consumers said they plan to spend on average £35, up 25% over 2018’s £28. Collectively we’ll be forking out a whopping £1.45 billion on Valentine’s Day this year.
What’s the Most Popular Valentine’s Day Gift?
A romantic dinner out seems to be the most popular way to spoil loved ones. Based on data from Statista, approximately £391 million was spent on dining out on Valentine’s Day in 2019, making this the largest category of expenditure.
The second most popular gift choice is flowers, with £267 million pounds to be spent on this show of affection, while £193 million pounds was spent on clothing and lingerie.
In 2018, 40% said they are simply planning on buying their loved one a card on Valentine’s Day, while 17% chose to give a box of chocolates.
Men vs Women: Who Spends More?
When it comes to buying Valentine’s Day gifts, men seem to be much bigger spenders. Of those celebrating, guys will spend on average £44, a significant £18 more than women. This year, ladies plan to fork out on average £26 on their partners.
Men are also almost 3 times more likely to spend serious cash, with 9% planning to spend more than £100. Only 4% of women planned to spend the same.
What’s more, 20% of females plan on leaving the wallet behind on 14 February, compared to 16% of men.
The Generation Gap
This year Millenials hold the title as the highest-spending generation, spending on average about £42. This is followed by Gen X (£38), Baby Boomers (£30) and Gen Z (£27). The lowest-spending silent generation (£12), who also happens to be the least likely to celebrate Valentine’s Day, with only 58% planning on doing so.
London Loved Up
Compared to the rest of the UK, Londoners reach a little deeper into their pockets on Valentine’s Day than the rest of Great Britain. On average, those in the capital planned to spend £52 this Valentine’s Day, followed by North East residents (£37) and East England (£35). The lowest-spenders are those in the South West of England, spending £28.