Valentine’s Day spending is poised to rise marginally this year despite over half of consumers feeling that it is a waste of money.

Valentine s day data

Valentine s day data

Shoppers are expected to spend £15m more this year on Valentine’s Day compared to £965m in 2015, according to Verdict.

The higher spend will be driven by improving consumer confidence and this year’s Valentine’s Day falling on a weekend.

Verdict retail analyst Greg Bromley said: “While we expect there to be an overall pick up 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.”

This year’s uplift comes despite 78.9% of consumers thinking that Valentine’s Day has become too commercial and 55.9% feeling that it is a waste of money.

“Perceptions of Valentine’s Day becoming too commercial are in many ways a result of greater participation from the retailers themselves” Bromley said.

“As well as wider choice from the big four grocers, the discount players such as Aldi and Lidl, as well as value retailers like Poundland and B&M now offer substantial ranges.”

Last year shoppers spent £313m on food and drink, £518m on gifts and £135m on seasonal non-food items.