Money might not buy love, but Valentine's Day spend to top £980m

8 February 2016 - Janet Bird

Money might not buy love, but Valentines Day spend to top £980m

Money may not buy you love, but that won't stop Britons spending a predicted £980 million this Valentine's Day.

New research by Verdict Retail suggests 2016 will see a £15 million increase in spending on last year, when a total of £518 million was spent on gifts, £135 million on cards and wrapping paper and £313 million on food and drink.

A study of the Valentine's Day spending habits of 2,000 British consumers carried out over three years formed the backbone of the research.

Based on these findings and other factors - such as the recovering economy, the fact real wage growth is now outstripping inflation to give consumers more disposable income, and the additional spending opportunities presented by Valentine's Day falling on a Sunday this year - researchers were able to forecast how much Brits might spend.

Astonishingly though, considering how consumers spend on it each year, over half (55.9 percent) of those surveyed thought Valentine's Day was a waste of money! Three quarters (78.9 percent) said it had become too commercial.

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