One in five Brits scrap Valentine's Day gifts to save cash
The traditional Valentine’s Day splurge is under threat as one in five UK consumers (19%) admit to cutting back on gifting to keep their finances afloat.
According to new data from ecommerce marketing platform Omnisend, the "squeeze on romance" comes as shoppers battle rising costs that have pushed overall monthly spending higher, even as they buy fewer non-essential items.
The nationally representative survey of UK adults reveals a widening gap between what shoppers want to spend and what they are forced to spend. Nearly two thirds of British consumers (63.3%) report that their monthly online shopping bills have climbed over the last year. Specifically, 16.5% of Brits are spending up to £50 more per month than last year, while a further 16.3% have seen their monthly bills jump by between £50 and £99.
This financial pressure is even impacting relationships, with 22% of respondents confessing to hiding their online shopping habits from their partners. However, this secrecy wasn’t always bad, with 38% admitting the main reason was because the item was actually a gift for the person they were hiding it from.
- Have you as a small business noticed less spending on Valentine's Day this year?
- Have you as an individual spent less on Valentine's Day this year?
- Any other thoughts?
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