WEBWIRE – Monday, February 13, 2023
- A quarter of Brits are spending less on Valentines Day this year compared to 2022
- One in four is swapping a night out for a night in, due to concerns over rising costs
- One in six couples has made a no present pact, opting to enjoy experiences together instead
- Of those buying gifts for their pets, one in three intends to spend more on their pet than their partner
New data from Barclays reveals how Brits are adopting a more cost-conscious approach to Valentines Day this year, including prioritising spending on pets over partners and agreeing a no-present pact with loved ones.
A quarter (23 per cent) of the Brits who plan to celebrate Valentines Day say theyll spend less this year than they did last year, because of the cost-of-living squeeze. On average, those cutting back will reduce their spending by 51.
While the vast majority (89 per cent) of those marking the occasion are doing so with a romantic partner, one in eight (13 per cent) is celebrating their platonic relationships instead, such as pets, friends, colleagues, or parents.
Insights are taken from Barclays monthly Consumer Spending Index, which combines data collected from hundreds of millions of transactions with consumer research to provide an in-depth analysis of UK spending.
1. No-present pacts
To cut costs without disappointing loved ones, 16 per cent of couples have agreed a spending limit on gifts in advance. Meanwhile, nearly one in six (15 per cent) has taken it one step further by making a no present pact with their partner, avoiding gifts altogether, and focusing more on experiences.
2. Pugs and kisses
Despite cutting costs in other aspects of Valentines Day, over a quarter of pet owners (27 per cent) will be spoiling their furry friends this year, with those doing so spending an average of 87 15 more than the average total spend across everyone celebrating (72). The data shows that over a third (35 per cent) admit that they intend to spend more money on their pet than their partner!
Food is the most popular gift Brits are buying their pets this Valentines Day (57 per cent), followed by toys (44 per cent) and clothing or accessories (29 per cent).
3. Romantic nights in
Almost half of those celebrating on February 14th(47 per cent) are marking the occasion with an at-home experience (or insperience) e.g., making a home-cooked meal, ordering a takeaway or streaming a film or TV show. This includes one in four (26 per cent) who say that concerns over rising costs are the reason why theyve chosen to stay in rather than go out.
4. Switch and save
Despite the cost-of-living squeeze, one in three (31 per cent) marking Valentines Day is still planning a night out with their date, most commonly dining out at a restaurant (27 per cent). However, one in 10 (10 per cent) is choosing a lower cost restaurant than in previous years, and one in 12 (8 per cent) will save money by celebrating Valentines Day on a different day altogether, likely to avoid set menus which can be more expensive.
5. Discount dates
As budgets remain tight, over one in ten (11 per cent) say they simply cant afford to spend as much this year. As a result, one in 10 (10 per cent) is using voucher or deal websites to save money on purchases, and a similar proportion (10 per cent) is buying their flowers from the supermarket instead of a florist. Even so, florists are still expected to perform well in 2022, Valentines Day spending on florists was 481% higher than the daily average across the full year*.
Adam Lishman, Head of Consumer Products at Barclays, said:Valentines Day is often a time when Brits lavish their loved ones with gifts or treat them to a romantic date night, but with inflation and energy bills continuing to climb, celebrations are likely to be a little different this year.
Many couples are swapping nights out for homecooked meals in front of the TV, agreeing no present pacts with their partner, or buying flowers from the supermarket instead of a florist allowing them to keep things feeling special without breaking the bank.
Ends
Notes
Barclays issues regular data and commentary on consumer spending trends.
*Data taken from Barclaycard Payments, which processes nearly 1 in every 3 spent on credit and debit cards in the UK.
The consumer confidence survey in this press release was carried out between 20 and 24 January 2023 by Opinium Research on behalf of Barclays. There were 2,000 respondents, providing a representative sample of UK consumers by age, gender, region, and income group.
For more information, please contact please contact Oliver Palca atoliver.palca@barclaycard.co.uk
About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit our website home.barclays.
About Barclays Market and Customer Insights
Barclays Market and Customer Insights helps businesses keep up to date with spending trends, monitors their market position and enhances their understanding of customer behaviour, based on actual customer spending. For further information, please emailcontact-MCI@barclays.com.