UK consumers are predicted to spend over £1bn on Valentine’s Day this year, according to retail analyists at GlobalData.
The Valentine’s Day gifting market is the largest category for this occasion, but is forecast to perform poorly with just 0.6% growth in 2020. Many retailers are hoping to combat this by targeting an alternative audience such as friends and family, with a particular focus on female friendships thanks to the introduction of ‘Galentine’s Day’, on 13 February.
“Retailers in the UK are trying to open up Valentine’s Day to a wider audience,” commented Zoe Mills, retail analyst at GlobalData. “Retailers should also include self-gifting in their marketing campaigns for Valentine’s Day to appeal to more individuals while still targeting the traditional audience with gifts for him/her.”
“Consumers with partners can feel obliged to participate in Valentine’s Day but those that wish to do this in a cost-effective way will turn to more affordable solutions,” Zoe continued.
This is good news for retailers offering something a bit different for this year – such as the Candy Hearts range from Creative Party pictured above, which is ideal for merchandising with solid colour tableware in luscious lavender and candy pink.