The Beatles may have sung “Can’t Buy Me Love” back in the 60s but one thing they didn’t warn us about is the fact that love can be exorbitantly expensive (as Sir Paul McCartney later found out during his bitter divorce battle with Heather Mills in 2008).
More than 50 years on and this song (along with many others from The Beatles) has stood the test of time. However, the UK consumer seems to have reached the conclusion that love is, in fact, more than just holding hands as we are spending more money spoiling our loved ones. Although this year Valentine’s Day will be different (no romantic getaways to Paris), brits are estimates to spend nearly £1 billion this year (as per Finders research ).
Usually the hotels and restaurants receive the highest share of consumers’ wallets, this year we expect takeaway to benefit from the big spending binge due to the COVID pandemic. However the true love test will be undertaken by the couples that do not live together: according the same research, 30% of couples that do not cohabit are looking to break the lockdown rules and go full Romeo and Juliet. (Finders research 1)
It’s not all spend spend spend, however, as a walk down the aisle also comes with certain financial perks:
On the face of it, Scotland lives up to its stereotype as one of the least romantic regions in the lover’s league, as consumers spend significantly less on Valentine’s Day compared to London where the most lavish lovers live. In our defence, perhaps the people of Scotland simply subscribe to the philosophy that “All You Need is Love”.
Client Senor Manager
1Source: Finder Valentine’s Day Spending Statistics 2021 by Georgia-Rose Johnson 25th Jan 2021). https://www.finder.com/uk/valentines-day-statistics
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