Posted on: 29 January 2019

How much is the UK spending for the day of love?

It was recently reported that Valentine’s Day overtook Easter and Mother’s Day for the amount of money that people in the UK spend for the observance.

Whilst no UK holiday comes anywhere near Christmas for the amount of money that people spend, is Valentine’s Day the next most important date on your calendar?

UK spending on Valentine’s Day

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<p><a href="https://www.premierline.co.uk/knowledge-centre/the-effect-of-valentines-day-on-retail-spending.html"><img src="https://www.premierline.co.uk/content/dam/premierline/knowledge-centre/the-effect-of-valentines-day-on-retail-spending_infographic.png" alt="The effect of Valentine’s Day on retail spending infographic by Premierline"></a><br /><br/><a href="https://www.premierline.co.uk/knowledge-centre/the-effect-of-valentines-day-on-retail-spending.html">The effect of Valentine’s Day on retail spending</a> by <a href="https://www.premierline.co.uk">Premierline</a></p>

Valentine’s Day retail spending summary

Retail spend compared to other holidays

People now spend more on gifts for Valentine’s Day than they do for Mother’s Day, Easter or Halloween, with £620m being spent for Valentine’s Day, £580m for Mother’s Day, £575m for Easter and £400m for Halloween in 2017.

What people bought in 2018?

Research conducted in 2018 found that the most popular purchases in the UK were a card, chocolates, a romantic meal and flowers, with 40% of respondents saying they bought a card, 17% bought chocolates, 14% paid for a romantic meal and 7% bought flowers.

Overall spend of Valentine’s Day

Harvest Digital reported that in 2017, Valentine’s Day expenditure had risen to £1.5 billion from the previous year’s £908 million. However, this figure is likely to have included all money spent around the observance, which could have simply included weekly shopping trips.

Retail insurance

Valentine’s Day is a fantastic opportunity to boost your income, but are there retail insurance considerations that you need to think about?

As with Christmas and other major shopping periods during the year, you may have increased levels of stock in the run up to Valentine’s Day. If you know you will have more stock around this romantic time of year, check your policy to make sure you have adequate cover.

Many Shop policies do include a seasonal stock increase automatically but, typically, this extra cover is usually restricted to November, December and January, and, possibly, Public Holidays. Valentine’s Day falls outside these periods and you may need to make special arrangements to increase your stock sum insured. So, check your policy or speak to your insurer or broker to ensure you are adequately covered.

Our trained insurance advisers are trained to be able to give you the best information possible when it comes to arranging your perfect insurance package. Get in touch to speak to an insurance expert who can source a bespoke insurance policy to cover your business.

Sources

[1] Talking Retail – Valentine’s Day spending overtakes Easter, research reveals

[2] Statista – UK: Most popular Valentine’s Day gifts – Share of respondents planning to buy the selected gifts for their loved one for Valentine’s Day in the United Kingdom (UK) in 2018

[3] Harvest Digital – Valentine’s Day spending infographic

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