Consumer spending in the UK could reach £726 million this Valentine's Day, up £39 million from last year, according to marketing agency Savvy.
The company's research reveals that 39% of shoppers are set to spend more on Valentine's Day this year, with 56% saying that they don't mind spending more to make the day special.
Over half (55%) of those purchasing a present say that they plan ahead, while 56% are intending to buy gifts online.
The gift women would most like to receive is flowers (30%), followed by a card or a meal at a restaurant (both 28%).
Meanwhile, 26% of men said that they would like to receive chocolate, a meal at a restaurant (24%) or a shop-bought card (23%).
“With consumer confidence shaky and grocery volumes stagnant, retailers will be pleased to see that shoppers plan to spend more this Valentine’s Day, giving the retail events calendar a solid start to the year," said Alastair Lockhart, insight director at Savvy.
"While shoppers are cautious in their spending, our broader research shows they have a desire to make the most of events."
Romantic Retail
The UK's grocery retailers have been trying to capitalise on the seasonal shopping day, with new products and promotions.
"Retailers across the board continue to increase their focus on calendar events," added Lockhart. "While discounters, from Aldi to B&M, see events as drivers of incremental sales, the big four are using events as part of their strategies to differentiate.”
While Aldi has been promoting its Prosecco range, Asda has launched love-heart pizzas and heart-shaped crumpets, and Tesco has introduced heart-shaped burgers.
“We’ve worked closely with our suppliers to come up with a fun and unique romantic take on one of the UK’s most popular foods," said Alex Edwards, Tesco's meat counter buyer.
“We don’t think there is a better way of literally putting your heart on the plate!”
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
