Valentine’s Day spending set to increase 14%, reaching a record breaking £990m

This year spending stands to benefit as younger shoppers take advantage of the first restriction-free Valentine’s Day for a couple of years. 36% of us are planning to get involved in the event this year, rising to 61% among 18-24s.

With bars, restaurants and clubs open, the dating scene is well and truly back up and running, and our research suggests shoppers plan to take advantage. Spending on food, drinks, cards and jewellery are all due to gain, with flowers the only category where shoppers plan to spend less.

Shoppers plan to buy the usual gifts for their loved ones, with cards, chocolates, flowers and home-cooked meals most popular.

We see in the research that a number of broader event trends are shaping Valentine’s Day spending behaviour this year. 59% of Valentine’s Day Shoppers will be looking for gifts from smaller and independent retailers, while 54% want to buy sustainable gifts – rising to 62% among 18-34 year olds.

While social media is becoming more influential as a source of Valentine’s inspiration, most of us (54%) will be visiting the supermarket when choosing what to buy.

Throughout the pandemic we’ve seen spending on calendar events has proved relatively resilient, with the exception of Valentine’s Day, which really suffered because of lockdowns and venue closures. With life looking more like normal this year, retailers, bars and restaurants look well placed for a busy weekend of trading.