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13 Feb 2024

24 million will skip Valentine’s Day gifting

Love is certainly not all around for retailers, as new research from customer experience marketing agency Gekko suggests that more than half of UK adults are not going to buy gifts this Valentine’s Day. Daniel Todaro, MD at Gekko, explains.

Valentine’s Day has traditionally been a retail bonanza for retailers as spouses, partners and would-be lovers demonstrate their affection with cards and gifts - but are retailers now carrying a torch for something that no longer exists?

Of course, Valentine’s Day remains, but 54 per cent of UK adults have no plans to buy anything for significant others, friends or family. Even amongst those in relationships, only three in five will buy something for their partner - whether that’s a card, physical gift, dinner or an experience. With that in mind, retailers are now competing for a smaller piece of a heart-shaped pie.

Whether it is the rising cost of living or a shift in the way we view Valentine’s Day, consumers are no longer splashing out to impress the objects of their affections. Only 13 per cent of those planning to buy a gift will spend more than £50, with a third expecting to spend £20 or less - which will come as bad news to retailers of big-ticket items.

To read the full article written by Daniel Todaro, Gekko MD please visit Retail Sector

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