Could the day help to offset poor Christmas trading?
As the nation gears up to celebrate Valentines day, confectionery, cards and flowers retailers will be relieved that they have another day of encouraged spending to make up for poor trading through Christmas and January. The British Retail Consortium (BRC) predicts that shoppers will spend about£2.4 billion on presents for their lovers today.
About£151 million will be spent on flowers
About£26 million will be spent on cards
£384 million will be spent on chocolate
£18 million will be spent on lingerie
According to the BRC, an estimated 3,000 men will propose on today, spending an average of£1,300 on an engagement ring.
BRC director of communications David Southwell said: 'With tough conditions on the high street, many retailers will now be looking for events on the calendar such as Valentines as an opportunity to boost trading. You cannot manufacture romance and we will have to see if shoppers are in the mood for spending, as well as love, and whether last year's record figures on Valentine spending are broken.'
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