According to Savvy’s latest research, the UK Valentine’s Day retail market is set to grow by 4% in 2024, as increasing expenditure on meals at home, flowers, chocolate and cards offsets falling in sales of luxury goods and clothing. 40% of shoppers say they will celebrate Valentine’s Day this year. Total spending is set to reach £1.3bn.
While the rate of inflation has fallen considerably since last Valentine’s Day, the cost of living crisis remains very much front of mind for shoppers across the UK. Shoppers are shunning expensive meals and overnight says, in flavour of spending time at home with their partners. 83% of Valentine’s Day shoppers plan to celebrate at home this year. Shoppers will be pleased to see that retailers have redoubled their focus on dine-in meal deal offers. Total spending on food for the day (bought from retailers) is forecast to be in excess of £150m.
64% of Valentines shoppers say they will buy gifts online this year and 39% expect they will buy something they see on social media – rising to 54% among under 35s.
While supermarkets remain dominant, online is becoming more important as a source of Valentines inspiration, especially for younger shoppers. Among shoppers aged 18-34, 28% say they will turn to YouTube for inspiration. 22% mentioned Tik Tok.
Broader trends continue to develop. 51% of Valentine’s shoppers are looking for personalised gifts and 62% would rather buy from smaller or local retailers. 54% mentioned being on the lookout for sustainable gifts.
In terms of what shoppers are planning to buy, chocolate, cards and flowers are set to be the most popular gifts.
Savvy asked shoppers what they’d like to see from retailers this year. Among those planning to set involved, 45% said meal deals, 35% want to see more ideas and 28% welcome dedicated aisles and displays.
Source: Savvy Shopper Panel, January 2024. Representative sample of 1,004 UK shoppers.
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