People are spending more on jewelry as Valentine’s approaches

Valentine’s day 2020 saw customers of Lloyd Bank spend a record £464 million on their credit and debit cards

Valentine's jewelry

People are spending more on jewelry as Valentine’s approaches. Source: pexels.com

With lockdown still in place due to the pandemic, this year’s Valentine’s is likely to be different, Lloyds Bank has found. Many people are unlikely to go on date nights.

Already, with most venues still closed, spending Valentine’s in havens such as theatres and cinemas decreased by 65% in comparison to January 2020. Most romantic getaways are on hold, with an 86% decrease in spending.

Transactions in bars and restaurants have also fallen by 44% in January, and with the restrictions still in place, it is unlikely to change in February.

However, the restaurant industry has innovations that will be helpful to those looking to spread love. For instance, the cook at home Valentines’ meals may boost the hotel’s sales in February. Most restaurants have also joined the online space, with the industry recording 37% of online transactions.

The home-cooked recipes will also maintain the surge in supermarket spending which has seen a 22% increase in January in comparison to 2020. Online supermarket transactions have also increased by 104% since last year.

Expenditure on jewelry has increased by 12% in the last week of January. This reflects previous trends in the surge of jewelry purchase days leading to Valentine’s. In 2020 and 2019, jewelry purchases spiked 23% and 17% consecutively in weeks leading to Valentine’s.

We’ve reported that victims of Valentine’s scammers lost £8,000 on average in 2020, up 7% from the previous year.

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