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Valentine’s Day spending set to top £431m

Valentine’s Day spending set to top £431m

Category: Money

Updated: 10/02/2016
First Published: 10/02/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Valentine's Day is a chance to spoil your loved ones and let them know how much you care, but many could be spending serious amounts of cash in the process. In fact, research from American Express predicts that Brits could spend a collective £431m on Valentine's Day this year, with 41% of respondents planning to celebrate.

It isn't only those couples in the so-called honeymoon phase who'll be celebrating, either; those who have been together for four years will spend more than double the national average on the big day, splashing out £46 compared with the average of £20.

Happily, romance also appears to stand the test of time, with those who have been in a relationship for over 51 years still celebrating – albeit to a less pricey extent – with these couples planning to spend an average of £11 on their loved ones.

But just where will all that money go? Well, it seems that we're still a nation of traditionalists, with 61% of respondents opting to send a proper card rather than turning to social media to express their affections. Not only that, but the top gifts continue to be flowers (34%), chocolates (34%) and champagne (17%), so we really are true romantics at heart.

Be smart with your spending

No matter how you're planning on treating your loved ones, there's one thing to bear in mind – it can be expensive! While some will be happy with token gifts, others will go all-out to treat their special someone, so if you're planning to splash out, make sure to be smart with your spending.

First up, don't be afraid to utilise discounts or voucher codes. Everyone loves a bargain, and if you can find your preferred gift for less money, you may even have enough left over for an extra treat! Or, for those truly in bargain-hunting mode, it may be worth rescheduling the all-important Valentine's meal for another weekend when you're not forced into often expensive set menus.

Even bringing out a voucher for your meal won't put your date off – according to additional research from Busy Bees Benefits, 87% of respondents said that cost-cutting techniques aren't off-putting, and that there are far worse ways to ruin romance than handing a voucher to the waiter at the end of the night.

You may also like to employ other techniques to make the most of your spending, such as cashback. If you're buying gifts online, make sure to use a cashback site, and always try to use a debit or credit card that'll give you cashback or rewards for your spending. Cashback credit cards can be a great way to get something back and can help you really make the most of your Valentine's pot, ensuring you're treating yourself as well as your loved one.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.