Research predicts spending to rise by 12% to £1.6 billion this Valentine’s Day (February 14), giving retailers a welcomed boost.
This is according to shopper marketing agency Savvy, which gathered data from 1,000 shoppers. It found that 42% of consumers plan to celebrate Valentine’s Day this year and all retail categories are set to grow.
Roughly two-thirds (68%) of shoppers are willing to purchase premium food or drink options for the day, while 66% are willing to spend more to make the day feel special.
However, consumer caution remains present, with 68% of shoppers actively seeking discounts or offers on food and drink in the period leading to 14 February.
Alastair Lockhart, Insight Director at Savvy, said: “Chocolate is a major Valentine’s category, so this represents the first major test of the new rules.
“Brands have quickly adapted by leveraging distinctive brand assets, such as colours, logos and broader cues, without directly featuring restricted products, and this approach appears to be working well, with our research finding that very few shoppers notice any change.”
Most respondents will have an at-home event, with more than three-quarters (77%) planning to stay in with their partners and almost half (49%) seeking out the Valentine’s Day meal deal.
The data also revealed that almost two-thirds (65%) of shoppers prefer purchasing gifts from smaller or local retailers, and 61% plan to buy sustainable gifts where possible.
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