February 2011
Featured in this insight: Financial services, Retail, Consumer goods & FMCG
UK survey sees cupid feeling the valentines pocket pinch: A market research survey has now shown that there has been a 16% drop of Valentine’s Day gifts being bought year-on-year in the UK, with men spending 25% less on gifts in 2010 than in 2009, and the trend expected to continue this year.
The study also revealed that supermarkets are helping to boost the romance market however – they saw a growth of their market share for this sector to 42% in 2010.
Declining spending in Valentines gifts demonstrated by the survey are attributed to the fact that Valentine’s Day fell on a Sunday last year, so more partners may have opted for food treats such as supermarket meal deals or breakfast in bed.
Retailers are expected to be more optimistic this year as Valentine’s Day falls on a Monday. The sales will not be as high as retailers may wish however as people will still be looking to spend less on their loved ones this year due to the ongoing economic crunch.
Popular traditional Valentines gifts for women are flowers, confectionary and jewellery. For men, favourite presents for the 14th of February include clothing, confectionery and toiletries.
View more of our sector specific insights: Financial services, Retail, Consumer goods & FMCG
