Romance is in the air this week and according to new research Brits aren't afraid to splash out on their loved ones. We take a closer look at Britain's £1.6 billion Valentine's Day bill.
With the expense of Christmas still fresh in the memory, British consumers could be forgiven for spending modestly during February. However, new research has revealed that the average Brit forks out more than £70 on Valentines gifts.
With just two more days to go to the big day, the hunt for 'that perfect gift' is hotting up. And new research conducted by PayPal shows that Brits aren't afraid to express their love with Valentine's Day flowers and gifts and will fork out a combined £1.6 billion over the next couple of days.
According to the research, single people actually spend more than people in relationships as they try to woo their perfect partner. Those who have already bagged themselves a beau will spend an average of £69.90. However, dedicated spinsters and bachelors however will push the boat out a little bit further shelling out £72.60 on their intended.
One third of Brits spend between £50 and £99 on Valentine's Gifts. However, it seems that young people are more romantic as this figure rises to 44% among 18-24 year olds. And about 20% of people spend between £100 and £249. These romantic big spenders are mostly single men and those between 25 and 34. The figures also reveal that men spend more than women on Valentine's day.
Interestingly, PayPal also revealed that most consumers buy their Valentine's gifts online, whether to avoid the crowds or to help keep their gifts a secret. Also, shopping online can be significantly cheaper than shopping on the high street.
So, if you are feeling the pinch after Christmas you may want to look online for some gift ideas. Failing that, it may be possible to cut costs with a little imagination. Here are some ideas to get you started:
- The basics – The traditional Valentine's Day gifts are often the most effective. A nice card, a bunch of flowers and some chocolates should get the message across and impress most partners. All of this shouldn't cost more than £20.
- Go online – While it may be a little late for purchasing actual gifts online, you can still send and eCard to your loved one. These are a free and thoughtful gesture.
- Compilation CD – Have a look through your MP3 collection and make a CD of songs that you think your perfect match will like.
- Photos – Doing something thoughtful and imaginative with photos always goes down well. Find a picture of the two of you together and have it framed nicely, or make a photo collage of time you spent together.
- Dinner for two – There is nothing more romantic than taking someone out to dinner on St Valentine's Day, and maybe catching a movie.
None of the above ideas should break the bank and should go down well with your loved one. It is often simple gestures that can be the most effective so try to be a little imaginative and you should be fine.