According to Mintel, British consumers spent a total of £620 million on Valentine’s Day in 2018, with the average spend being around the £60 mark.
Food and Drink consumed at home is the highest spend category (at £128 million), which will probably come as no surprise to most, with jewellery, clothing and footwear (£80 million!) coming close behind. We also spent around £50 million on cards.
Older Millennials spent more: those aged 28 to 37 have an average spend of £81. There’s also now more demand for Premium and personalised products: people are more likely to buy premium steak and engraved jewellery rather than just yer standard box of Milk Tray and a cheap bouquet with a ‘you’re special’ card shoved in the middle.
That consumption habit again
People now spend more on Valentine’s Day than on Easter…. And to my mind this makes sense….there are more people in couples than there are people with young children in families, and Easter strikes me as much more an event that you’d do for the children. And it’s much easier to fob children off with cheap Poundland chocolate at Easter than it is to fob your girlfriend off with a cheap Poundland Valentine’s product – I mean even I’m socially aware enough to realise that’s a no-no.
And the whole ‘you’re a unique and special individual so here’s a special gift that celebrates that uniqueness’ is much more in line with the way our consumption habits are going – individualised, personalised and bespoke, so VD fits in perfectly with that.
Then I guess there’s more at stake with VD – couples are more likely to split up than families, so I guess there’s more pressure to make the effort.
It’s not all bad! Quite a few people buck the trend
According to this research, there’s also a number of more sensible people who don’t celebrate the event at all (30%), and a further 30% who spend less than £10, with 15% saying they spend nothing on Valentine’s Day. Women also spend less on average than men.
And I’m not a complete cynic… here’s an e-card I produced just for you, because you’re special…..
Mintel – https://blogs.bl.uk/business/2018/02/valentines-day-in-numbers.html
Pic Source – https://a6.typepad.com/6a01a3fcda9d38970b01b8d2da44fe970c-pi