(Newswire.net — February 10, 2020) — London, UK — Truly is a provider of luxury experiences from across the globe for every event and occasion. All experience gifts come with a bespoke concierge service.
London, UK – More Brits are geared up to celebrate the international day of love than ever before, spending on average £35 on their significant others.
Consumer spending on gifts is expected to increase by 23% this Valentine’s Day compared to 2018, according to a report by gifts experience company, Truly Experiences. Collectively, the nation is expected to spend £1.45 billion on 14th February.
The report, based on data from Finder.com, shows that over 32 million Brits will be forking out cash on gifts like stuffed toys, chocolates, flowers and dining out. On average consumers intend to lay out £35, £7 more than what was spent on average just two years ago.
The growth comes as the number of people celebrating the holiday reaches 79%, up from 69% in 2018. 4 out of 5 Brits will be celebrating Valentine’s Day in some way or another.
Despite adding £1.5 billion to the economy, more residents will be celebrating the holiday without spending a penny. 18% of Brits won’t be buying gifts still plan on celebrating the holiday, compared to 16% in 2018. 1 in 5 Brits won’t celebrate Valentine’s Day at all.
Of those planning on digging into their wallets for romantic gifts, millennials will be the UK’s biggest spenders, forking out £42 on average on their loved ones. This is followed by Gen X (£38), Baby boomers (£30) and Gen Z (£27).
The silent generation, born between 1928 and 1945 are the lowest spenders, averaging £12. They’re also the least likely to celebrate Valentine’s Day, with only 58% planning on doing so.
The study also reveals that men have higher expectations for Valentine’s Day spending than women. According to Finder.com, male respondents say they plan to spend an average of £44. Women say they plan to spend significantly less, about £26.
Men were also almost 3 times more likely to spend serious cash, with 9% planning to spend more than £100. Only 4% of women planned to spend the same.