British consumers are expected to spend more money on Valentine’s Day this year, reveals retail expert Mintel.
Mintel forecast that despite a dip in consumer confidence, sales of Valentine’s Day gifts will increase to £650 million in 2018 – a rise of 5% compared to last year.
This growth of splashing out on love is being driven by older millennials, aged 28-37, who are the most active Valentine’s spenders.
Looking at last year’s stats, consumers spent £112m on jewellery for Valentine’s gifting in 2017.
According to Mintel, jewellery pulled in more money than flowers (£102m), clothing (£80), and greeting cards (£53m) in 2017, with research from jewellery giant Pandora revealing more women are hoping to be gifted in jewels this year too. Food and drink was the only category to secure more of the Valentine’s pound.
As jewellery retailers gear up to capitalise on this lucrative season, Mintel’s research says six out of ten consumers will be looking for personalised gifts this Valentine’s day, while over 53% say retailer’s need to offer more creative suggestions on what they should be buying their loved ones.
Samantha Dover, retail analyst at Mintel, says: “Valentine’s Day is now the biggest spending retail event in the first half of the year, overtaking Easter by a significant amount. This year we expect shoppers to trade up as retailers continue to increase their Valentine’s Day ranges with both premium and personalised gift options, and tapping into consumer demand for quality gifts.
“With more demand for personalised gifts, retailers also have the chance to encourage higher value purchases by offering services such as monogramming and engraving, which have become increasingly popular. There remain plenty of opportunities for retailers to offer more in-store services, giving shoppers a personal experience as well as personalised gifts.”
With personalised gifts set to win over this year’s Valentine’s shoppers, jewellers are perfectly placed to boost business over the coming weeks.