Valentine’s Day 2023: Financial Realism or Spending Big – How are consumers approaching Valentine’s Day this year?
It appears that, perhaps in the midst of geo-political turmoil and financial struggles, Brits have largely fallen out of love with Valentine’s Day, as 45% of consumers are not celebrating this year. Despite this, as we look at those who do wish to celebrate their loved ones or friends, we can gain an understanding into current consumer priorities and attitudes. Through analysing ideal plans versus actual plans, financial concerns are stopping British consumers from celebrating Valentine’s Day how they would really want to this year.
If money was not an issue, which of these would you prefer to go on?
Source: GWI January 2023 Zeitgeist, Valentine’s Day, Ideal date to go on, Q3 2022, UK
British consumers want to spend this Valentine’s Day. In a world with no financial concerns, 39% of consumers would prefer to pay for a date, including going to a restaurant or bar, while only 16% would be happier with a free or low-cost date. Despite this intent, when we look at desired versus actualised plans, the reality is that lower cost date-nights are taking priority this year.
A desire to travel remains a priority at the forefront of consumer mindsets, even on Valentine’s Day. 25% wish to go on a trip or vacation to celebrate this year but actual plans show that this is only realistic for 4% of consumers. More affordable plans are the most popular choices with lower-cost dates like cooking at home, going to a restaurant, and ordering a takeaway looking to be the way that most Brits choose to celebrate.
If money was not an issue, what would be your ideal way to celebrate Valentine’s Day?
Source: GWI January 2023 Zeitgeist, Valentine’s Day, Ideal Plans to Celebrate Valentine’s Day, Q3 2022, UK
These attitudes to spending on Valentine’s Day appear to be long-term shifts in consumer priorities. Intentions surrounding spend mirror those of last year as 33% look to celebrate in a similar way and just 6% see themselves in a viable position to spend more. As 11% are going to be spending less, it appears that there is even more financial unease in the air and consumers are more money conscious.
Compared to last year, how much do intend to spend on Valentine’s Day this year?
Source: GWI January 2023 Zeitgeist, Valentine’s Day, Q3 2022, UK
In an ideal world, consumers want to take the opportunity to experience new destinations or exciting restaurants to celebrate their loved one. Despite this, actual plans tell us that consumers are intent on being realistic and personal finances are just too much of a current concern for Valentine’s Day to be a big-spending event this year.
