Payments company Worldpay predicts that Valentine’s Day last Tuesday (February 14), sparked a £128m spending splurge in the UK.
Analysis of consumer spending patterns on February 14 2016 found that the classic combination of flowers and a meal for two remains the gesture of choice for those looking to spoil their partner.
Florists were expected to rake in an extra 295% in sales on February 14 and Brits were estimated to splash out over £128 million on gifts, hotels and dining out in the run-up to the romantic occasion.
For restaurant owners up and down the country, Valentine’s Day is worth an extra 42% in sales compared to an average night at this time of the year.
Hoteliers could also be among the biggest winners, taking advantage of the post-Brexit staycation boom.
Last year, bookings increased by 20% over the Valentine’s weekend. But with the weaker pound pushing up the price for a getaway to Paris, even the most lavish spenders may have opted to stay closer to home.
According to last year’s transaction data, Liverpudlians are some of the most generous Valentine’s Day, paying nearly 50% more than the average UK spend of £44. Couples in Cardiff are not far behind, forking out 43% more.
Meanwhile, Edinburgh residents are languishing at the bottom of the lovers’ league, spending 3% less on their loved ones than they would on an average day.
Commenting on the findings, James Frost, CMO of Worldpay UK said: “Anyone who says romance is dead should head to Liverpool to have their faith restored.
“According to consumer analysts, there is a lot of sentiment in the market that Valentine’s Day has become over-commercialised, with only a quarter of Britons buying cards in 2016 compared to a third the year before
“Our data dispels the belief that we are falling out of love with Valentine’s Day. Brits looking to spoil that special someone are spending more than ever before, suggesting that February 14 2017 will retain its crown as the most romantic day of the year.”