Valentine’s Day is just around the corner and we already know that many of you will be thinking about what to get your Valentine or what to do for this day. This is why we commissioned a special report to find out what the spending patterns are like when this day comes around in February. The results are a fascinating blend of personal finance and love. Check out some of the interesting trends below:
5 Valentine’s Day spending trends
1) We go a bit overboard when Valentine’s Day comes around
Our survey found that 51% of those surveyed (we spoke to 2,000 people) said they spend too much on Valentine’s Day. 1 in 10 of the 24-34 year old bracket said that they spend up to £500 on gifts for their partner or spouse. It’s natural for us to spend more money around Valentine’s Day because we want to impress our partners.
2) People want more expensive items
One trend that we discovered in this survey is the people who responded said that one reason for not being happy with a Valentine’s Day gift is because they wanted something that was more expensive and more luxurious. This shows how important gift-giving has become during Valentine’s Day.
3) Men don’t think their partners spend as much on them
This is one of the most interesting finds in the whole survey. We found that while some women felt they were getting too into spending for Valentine’s Day, men don’t think their partners were spending as much as they could on them. This is something that could change in future Valentine’s Day celebrations.
4) £100 is the sweet spot for spending
This seems to be the number that most people are comfortable when it comes to spending for Valentine’s Day. 75% of those surveyed said that they would spend up to £100 on a gift.
5) Respondents are responsible with money
We found that amongst the survey respondents, 60% of them in the 25-34 age bracket said they would stay in instead of spending money or going out if they didn’t have the money on them. Alternatives here included staying in to cook a meal in order to be responsible with money.
As we can see from these trends, Valentine’s Day is still an important day of the year when it comes to spending, but people are becoming more cautious about how they spend and trying to be more responsible with how they spend on the day.
Now lets take a look at some of those bizarre “What we give on Valentine’s Day” ideas!
How will you budget your spending for Valentine’s Day? Let us know!
You can find Peachy.co.uk Survey results Topline_Peachy PDF