Business development · 10 February 2017

Valentine’s Day spending spree set to lift independent shops and restaurants

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The average amount spent on Valentine’s Day shopping in the UK is £44

Britain’s shoppers are predicted to shell out more than £128m in Valentine’s Day spending, with florists, restaurant managers and hoteliers among the small business owners set to see high sales figures.

Valentine’s Day spending analysis from Worldpay has revealed that UK florists can expect the biggest sales spike, with year-on-year sales set to increase by as much as 295 per cent on 14 February 2017.

On average, restaurant owners can expect to see a 42 per cent increase in Valentine’s Day spending this year, while Britain’s hotel owners looking to capitalise on a post-Brexit staycation trend will be hoping for an improvement on the 20 per cent average increase in hotel bookings experienced in 2016.

Commenting on the research, Worldpay’s marketing head James Frost said that Valentine’s Day was still shown to be an important day in the annual calendar for the consumer.

“Our data dispels the belief that we are falling out of love with Valentine’s Day. Brits looking to spoil that special someone are spending more than ever before,” he said.

In terms of the areas of the country where people are most likely to spend big on their other halves, lovers in Liverpool have been found to be the most generous on Valentine’s Day.

WorldPay’s statistics showed spending in the city on 14 February was almost 50 per cent greater than the national average last year.

In the Welsh capital Cardiff, couples are similarly generous to one another, spending roughly 43 per cent above the UK average, while those in Edinburgh are some of the least sentimental, spending 3 per cent less average.

“Anyone who says romance is dead should head to Liverpool to have their faith restored,” added Frost.“With Valentine’s Day right around the corner, business is booming for restaurants, florists and jewelers.”

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ABOUT THE EXPERT

Fred Heritage is deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London. He previously worked as a reporter at Global Trade Review magazine.

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