Valentine’s Day set to spark £128m spending splurge, Worldpay predicts*
Florists expected to rake in an extra 295% in sales on February 14th**
Brits could be set to splash out in excess of £128 million on gifts, hotels and dining out in the run up to Valentine’s Day, according to the latest data from Worldpay.
Analysis of consumer spending patterns on February 14th 2016 found that the classic combination of flowers and a romantic meal for two remains the gesture of choice for those looking to spoil that ‘special someone.’ 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. Florists can also expect to see their takings nearly treble**.
Hoteliers could also be among the biggest winners this Valentine’s day, 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 of a romantic getaway to Paris, even the most lavish spenders may opt to stay closer to home.
According to 2016 transaction data, Liverpudlians are some of the most generous on Valentine’s Day, spending nearly 50%** more than average. 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 on an average day.
Brits looking to push the boat out on dinner, jewellery and flowers should bank on spending £182***. But to avoid Valentine’s Day disaster, Worldpay suggests the average UK spend of £44 should suffice in keeping the other half happy on the national day of romance.
Commenting on the findings, James Frost, CMO Worldpay UK said: “With Valentine’s Day right around the corner, business is booming for restaurants, florists and jewellers – anyone who says romance is dead should head to Liverpool to have their faith restored.”
Worldpay’s transaction data also found spending in the run up to Valentine’s day increased by 9%**** year-on-year, with consumers spending more than ever on romantic treats.
James Frost continued: “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 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 14th will retain its crown as the most romantic day of the year.”
About the data
*Calculation is based on the assumption that total sales processed by Worldpay in 13/02/16-14/02/16 equate to 40% of total card transactions over that period.
**Analysis of card transactions processed by Worldpay on 14/02/16 compared to the average for February 2016.
***Calculation is based on an analysis of consumer spending patterns in UK towns and cities on 14/02/16.
****Analysis of card transactions processed by Worldpay 1/02/16-14/02/16 compared with the previous year.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to over 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
Worldpay UK has more than 40% market share in the UK and helps businesses of all sizes sell more to their customers by accepting card payments in-store, online, via mail or telephone, and on the move. www.worldpay.com/uk