British consumers are expected to spend more money on Valentine’s Day this year, says shopping comparison site finder.com.
A survey by finder.com reveals that despite a dip in consumer confidence, over 32 million Brits will be spending money on their loved ones this Valentine’s Day.
Of those who will be spending money, each person expects to spend £35 on average, meaning over £1.45 billion will be spent collectively by Brits.
The amount people will spend varies a lot though, with 1 in 15 (6%) planning to spend more than £100.
This growth of splashing out on love is being driven by men, with guys planning to spend £44 on average, compared to women who plan to spend £26.
According to the survey, London is the UK’s most romantically minded city, or at least it’s biggest-spending, with those in the capital planning on spending £52 on average this Valentine’s Day.
At the other end of the scale, the South West of England has the lowest average spend at £28.
Millennials will be the UK’s highest-spending generation this Valentine’s Day, forking out £42 on average on their loved ones. This is followed by gen X (£38), baby boomers (£30) and gen Z (£27).
The silent generation are the lowest spenders, averaging £12.
With this in mind, Valentine’s Day presents an opportunity for jewellers to shout about their products online and in-store, and battle it out to win a slice of the money being spent during the season of romance.