Residents of Preston are the UK’s most generous Valentine’s Day spenders, according to the latest data from Worldpay.
Analysis of consumer spending patterns around Valentine’s Day* showed that the average Prestonian spends £53 on Valentine’s Day treats – 18% above the UK national average. Milton Keynes (£49) and Aberdeen (£48) were Britain’s second and third most generous lovers, respectively.
By contrast, residents of the West Midlands appear to live by the mantra ‘money can’t buy you love,’ with Coventry and Walsall coming bottom of the table of 50 UK towns and cities. Walsall residents spend 50% less than their Northern counterparts – forking out a mere £26 on their loved ones on the national day of romance.
Worldpay’s data suggests a minimum spend of £45 should be enough to keep relationships intact this weekend. With most people choosing to say it with flowers, the payments processor findings show florists can expect to see their takings treble compared to an average week.
Of course, it’s not just florists that are readying themselves for a busy weekend. Worldpay’s analysis suggests restaurants can expect to add an extra 14% to their takings this weekend, while jewellers and hoteliers could see takings rise by 30%.
Anyone considering pushing the boat out with the full complement of flowers, hotel, dinner and something sparkly, should bank on spending at least £320 to cover costs, rising to a minimum of £560 if you happen to live in London.
Find yourself empty-handed this Sunday, and Worldpay warns will need to spend at least 25% more if you count on smoothing things over with your loved one with a bouquet on ‘Make up Monday’. Worldpay’s analysts found customers blow an average of £50 per bunch of flowers on 15th February, compared to the £40 average people spend on blooms in the week running up to Valentine’s Day.
Commenting on the data, Dave Hobday, UK Managing Director, Worldpay, said: “Valentine’s Day is bigger than Christmas for certain sectors - particularly if you happen to be a florist in Lancashire, where local residents really seem to go to town on spoiling their loved ones.
“Most business owners will be focusing on how to maximise profits over the intense and increasingly panicked 48 hour period up to and including Valentines Day. But the shrewdest shop owners will also be making sure to keep some stock back for Monday morning, when our data suggests there’s a premium to be made out of penitence.”
About the data
*Figures quoted are based on analysis of consumer spending patterns in 50 UK towns and cities in February 2015
Worldpay is a leader in global payments providing a broad range of technology-led solutions to our customers. We operate reliable and secure proprietary technology platforms that enable customers to accept a vast array of payment types, across multiple channels, almost anywhere in the world. The Group has three operating divisions: global eCom, Worldpay US and Worldpay UK.
On an average day, we process approximately 31 million mobile, online and in-store transactions and in 2014 we supported approximately 400,000 merchants in 126 currencies across 146 countries offering 326 local and alternative methods of payment.
Worldpay UK has a 42% 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
For more information please contact:
Hilary Douglas, Golin: T + 44 (0) 20 7067 0206
Siobhan Acha Derrington, Worldpay: T: +44 (0)203 664 4822