UK consumers expected to spend over £1B on Valentine’s Day

Retailers will include self-gifting in their marketing campaigns for Valentine’s Day to appeal to more individuals

UK consumers

UK consumers expected to spend over £1B on Valentine’s Day. Source: unsplash.com

GlobalData revealed that Valentine’s Day is set to be worth over £1 billion in 2020, up 0.6% in 2019.

Food and drink purchased for a romantic meal at home is still the best opportunity for retailers to gain more income. It allows retailers to capitalize on providing meal deals and recipe ideas with a focus on premium ranges.

For example, Morrisons supermarket has successfully implemented this year with its £15 Valentine’s Day meal deal for two, including a three-course meal and wine. Its online advertising visualizes this deal as a restaurant menu appealing to customers aiming to create a restaurant-like experience at home.

Consumers with partners can feel obliged to participate in Valentine’s Day but those that wish to do this in a cost-effective way will turn to more affordable solutions such as dining at home. This is good news for the grocers who will be hoping to combat the lull after Christmas. Yet with consumers looking for the best value for money, the food and drink market for Valentine’s Day is only forecast to grow by 0.7% in 2020, compared to +1.3% in 2019
Zoe Mills, Retail Analyst at GlobalData

The Valentine’s Day gifting market is forecast to perform poorly with just 0.6% growth in 2020. Retailers are hoping to combat this by targeting an alternative audience, appealing to single people with self-gifting.

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