How Much Do We Spend on Valentine's Day?
14th February 2018
Well today is Valentines Day!
For UK couples, this is a day popular for celebrating love, but how much does it cost?
The Cost of Valentine's Day
According to a 2017 study, 52% of Britons said they don't plan on buying a gift for their partner on Valentine's Day, and 48% weren't even thinking of getting a card. Despite this, last year the average Briton spent £51.45 on Valentine's Day.
So, how much are we really spending on Valentine's Day and will we spend more in 2018?
The most romantic day of the year is equated with celebrating love but it's also a date in which UK citizens spend money. Going by the figures, a lot of money.
This year, the average spend for Valentine's Day is expected to climb to £54.28. Comparing to last year's average spend, 2018 may see an even higher number if predictions are correct.
Where Are We Spending Our Money?
It appears that 2018 will see a rise in Valentine's Day expenditure, as stated (and predicted) by the IBIS World's report. More specifically, when compared to 2017, we may see:
- A growth of 5.5% on total Valentine's Day expenditure
- Restaurants accounting for 27.5% of total Valentine's Day spending
- Confectionary, such as candy and chocolate, might see a rise of 15.9%
- Sales of greeting cards may be boosted by 3.4%
- A growth of 8.7% in romantic getaways
- Flowers appear to continue to rise in popularity as well, with a rise of 1.2%
- Sales of jewellery, on the other hand, may be lower than the previous year, as a reduction of 2.7% is estimated for the upcoming Valentine's Day
A Smaller Budget?
If you don't plan to spend the estimated £54.28 this Valentine's Day you can, of course, still enjoy the day with your better half.
Have a look at some of our ideas that may help you to treat your partner on a smaller budget:
- A homemade meal - instead of going out to eat, why not cook a lovely homemade meal for two and light up a candle? Not only can it help you stick to a budget, but it can also offer a private romantic moment between the two of you.
- Flowers and chocolate - there's nothing wrong with going classic! Choosing a beautiful flower arrangement and a delicious box of chocolates as gifts can be a great idea, especially if your other half has a sweet tooth.
- A romantic stroll - if you and your partner love hiking (or are committed to a healthier lifestyle this new year), a romantic walk or hike can not only be free but is also likely to make you both very happy.
- Just a card - you may prefer to avoid gifts this Valentine's Day, be it because you may believe the date has become too commercial or because your budget doesn't allow them. If that's the case, a card (handcrafted or not) can be the perfect way to say: 'I Love You', as you can easily express what you feel for your partner this way.
- 'This is worth a...' - vouchers that entitle your partner to a massage, breakfast in bed or even a day without having to do chores can be a fantastic gift. You can customise the vouchers yourself (which is likely to be more cost effective than buying pre-made cards) tailored to what you know your partner will love.
You may prefer to go on holiday instead, for example, or even finally get that pet that you've both been wanting for so long. In which case, you may want to take out travel insurance or pet insurance to help you protect your Valentine's Day gifts and moments.
Please don't hesitate to contact us if you have any questions, and spend Valentine's Day focused on what really matters: romantic time with your partner!