Companies who have done their online market research will know exactly what loved ones are planning to buy each other this Valentine’s Day – and the gifts are getting more and more expensive, with Brits expected to have spent £86 million on Saturday alone.
According to eHarmony.co.uk, February 6th has been dubbed ‘Red Saturday’ as this is when loved-up couples splashed the cash buying presents for their girlfriends, boyfriends or spouses.
The dating site stated 2.2 million people will be getting involved in Valentine’s Day this year by booking restaurants and organising dates out, as well as purchasing presents for their partners.
Ian Forrest, investment research analyst at The Share Centre, said Red Saturday will have had a massive positive impact for companies that capitalise on Valentine’s Day sales.
“The significant potential to increase profitability in general merchandise and the healthy dividend should all be supportive of results ahead,” he stated, adding that wage increases and declining fuel costs have also encouraged consumers to buy more this year.
Even those who are not in a relationship end up spending significant amounts on romantic nights out. TopCashback.co.uk reported singletons spend an average of £280 a year on dates, and 40 per cent say they feel out of pocket as a result.
Indeed, 58 per cent stated they would cut a date short if they did not think it was going successfully in an attempt to stop spending any more money on the evening, with 62 per cent of women admitting they would leave a date early, compared with 51 per cent of men.