Even Cupid is feeling the purse strings tighten on the annual day of love. 13% of Brits will not celebrate Valentine’s Day this year on account of the cost-of-living crisis, while 65% of those who are celebrating planning to reduce their spending.
Hawk used its Surveys Technology to run a Valentine’s Day consumer behaviour study in the UK, revealing findings into the purchasing forecasts of the loved up this February 14th.
55% of British people plan to spend £25 or less this year – although 6% say they will splash out more than £100, said the findings. And, despite the current financial squeeze, 40% reported that their main criteria for gifts was quality, compared to 28% who said price was more important.
Flowers and chocolates are the most popular purchases, with 30% of people planning to buy these as presents. This was followed by dinner at a restaurant (21%), clothing (9%), perfume (8%), a weekend away (8%) and jewellery (6%).
The study was carried out between 21 December 2022 and 15 January 2023. The Hawk Surveys tool sent automated digital questionnaires to 910 British people.
Chris Childs, Managing Director at Hawk UK, said: “The current Valentine’s Day study puts figures on how much the financial situation is beginning to bite and illustrates the value of integrating research with advertising campaigns.”