Retailers set for Valentine’s Day boost

40% of UK shoppers are planning to get involved in Valentine’s Day this year, according to Savvy research involving 1,000 people.

“With consumer confidence shaky and grocery volumes stagnant, retailers will be pleased to see that shoppers plan to spend more this Valentine’s Day, giving the retail events calendar a solid start to the year,” says Alastair Lockhart, Insight Director at Savvy. “While shoppers are cautious in their spending, our broader research shows they have a desire to make the most of events. At the same time, retailers across the board continue to increase their focus on calendar events. While discounters, from Aldi to B&M see events as drivers of incremental sales, the big four are using events as part of their strategies to differentiate.

39% of shoppers said they expect to spend more on Valentine’s Day 2018 than they did last year (this rises to 52% amongst 18-34 year olds). Savvy’s analysis estimates the value of Valentine’s Day to the retail sector will reach £726 million for 2017, up £39 million from last year. 56% of those planning to get involved will be going online to buy presents and this rises to 70% amongst 18-34 year olds.