Barclaycard Reveals Valentine's Day Spending in UK
Barclaycard Payment Acceptance in the UK says that "British shoppers are still willing to splash the cash on their loved ones at Valentine’s. Flowers remain a favourite choice for present giving, with purchases from florists on the 14 February up 168.8 per cent on the week before. Jewellery purchases remain popular, with purchases on Valentine’s Day showing a very strong uplift on the previous week’s sales, an increase of 67 per cent from Saturday 7 February to Saturday 14 February. Meanwhile, spending in restaurants experienced a 20 per cent uplift on the previous week."
Unsurprisingly, the data shows that customers are opting to be more prudent in their choice of present with confectionary and bakery spend on the rise. Although confectioners represent only a small proportion of turnover, this sector showed the strongest growth when compared with data from last year, with spending increasing by 20%.
Aside from confectionary and bakery, spend in other areas was down this year compared to 2008. Compared to last year overall spending in restaurants for the two weeks leading up to Valentine’s Day was down 8.2 per cent on the previous year, possibly showing that retailers’ campaigns to encourage consumers to enjoy a meal at home have paid off.
Continuing the trend of people spending less than last year, spending in florists was down nearly a quarter (24 per cent) compared to 2008, and in jewellers the figure is down slightly with a 1.2 per cent decline.
Commenting on the data, Stewart Roberts, Business Development Director at Barclaycard said: “People are still keen to splash out on their loved ones on Valentine’s Day, with large week on week increases for jewellers and florists in the run up to the day. However, spending appears to be significantly down on last year as consumers tighten their belts and, in the case of restaurants, opt instead to eat at home.”
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