Retailers are ready for the first big retail event of the year and the first Valentine’s for 2 years without lockdown restrictions!
The value of Valentine’s has increased hugely in recent years, as retailers find new ways to help happy couples (or mysterious admirers) acknowledge the big day. Are consumers continuing to be easily led when it comes to major retail events such as Valentines? Is there a feeling that ‘they have to celebrate’ rather than ‘want to’? In a recent YouGov survey, 9% of respondents said they felt compelled to do something through social or commercial pressure rather then because they really believe in the day as a ‘proper’ special occasion. Perhaps surprisingly, of all occasions featured in the survey, the opinions of men and women are actually closest when it comes to Valentine’s Day – 78 percent of men and 80 percent of women said they think the day is celebrated due to outside pressures.
In 2020, Valentin’s sales totalled £1.45 billion in the UK with an average spend per person of £40, spent on a wide range of products and services. Of that £1.45 Billion, £261 million was spent on flowers by loved up couples. Incidentally, this was the same sum spent on flowers in the run-up to mother’s day. If your sweetheart also has a sweet tooth, in 2019 £85 Million was spent on sweets and treats. You can’t celebrate valentine’s day without sending a card, in 2020, card sales reached £145 million! If these cards were all posted 1st class, that would total £1.2 million in stamp sales alone…
A recent analysis of Valentine’s Day expenditure and age reveals that younger generations, Millennials, in particular, are the biggest spenders. More specifically, statistics on Valentine’s day spending report the following:
Nearly half of Brits aged 25 to 34, or 46.2%, plan to spend over £60 on their significant other. The same is true for 35.5% of Baby Boomers.
8.3% of Millennials are willing to pay at least £200 for Valentine’s Day as opposed to just 2.4% of Boomers.
Only 5.3% of 25 to 34-year-olds will not spend any money on Valentine’s Day. On the other hand, 12.35% of respondents aged 65 years and older don’t plan to spend anything on Valentine’s Day.
From a shopper marketing perspective, retailers have a captive audience and invest in bold, quirky, and fun POS to promote the retail event. This week, we visited Edinburgh St James and were pleased to see many retailers, showcasing Valentines. Our favourite by far was SWATCH ‘IN CASE OF LOVE, BREAK GLASS’ a fun, smart and connected window, with a quick link QR code, taking you to a web page dedicated to their Valentine’s range.
A person in the UK spends an average of £35 for Valentine’s Day.
Around 145 million cards are sold around Valentine’s Day in the UK.
British Millennials spend the most on Valentine’s gifts.
More than 25% of Brits are shopping online for Valentine’s gifts.
Over 50% of couples in the UK are not planning on celebrating Valentine’s Day.
10% of all marriage proposals happen on February 14th, Valentine Day facts and stats show.
Brits spend £27 million on Valentine’s gifts for their pets!