Cynicism Won't Dampen UK Valentine's Sales: GlobalData
UK consumers will spend a total of £987 million to woo their sweethearts this Valentine's Day, according to research firm GlobalData Retail.
Declining consumer confidence, the holiday's weekday slot, and Valentine cynics won't dampen sales, it said.
A 2016 GlobalData survey found that more than three-quarters of respondents (81%) felt that Valentine's Day had become too commercial, while more than half felt it was a waste of money.
This may be an advantage for value retailers, said the research firm, as consumers may try to romance their loved ones for a lower price.
Price inflation in such popular, traditional gifts as cards and flowers will be offset by competition between supermarkets, general merchandisers, and discounters.
Anish Dosani, retail analyst at GlobalData, commented, "While we expect there to be an increase in consumer spending on Valentine’s Day this year, the more general lack of interest in the occasion means that retailers are going to have to work even harder to drive sales and win this spend."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.