Over £1.6 billion set to be spent on Valentines presents

Romance is taking over the nation, and it seems our wallets too, as Brits push the boat out this year by spending on average £71.25 each on their Valentine’s gift, according to latest research by PayPal, the secure online payment provider.

23 million UK love-birds are all busy arranging treats for their partner this Valentine and will spend a combined total of over £1.6 billion. Those in relationships are set to spend on average £69.90, whilst official singletons will spend on average £72.60. This level of spending is mirrored across the Atlantic, as our American cousins in relationships intend to blow $92 each.

A third of us (33%) spend between £50 and £99, but this rises to 44% amongst the younger generation (18-24 year olds). Furthermore, one in five of us (22%) typically splash out and spend between £100 and 249 on a Valentine’s present for a partner. The highest single spenders are either single men or those between twenty five and thirty four.

Cristina Hoole, spokeswoman for PayPal, remarked: “It would seem that romance is far from dead as almost half of Brits2 will be splashing out a massive £1.6 billion on their loved ones this week. With Christmas only a few weeks behind us, millions will be hitting the shops en masse, however one in five of us will choose to head online and avoid the crowds. Shopping online is not only often more convenient, but if you get it delivered to work then you’ll be able to keep the secret right up to the last minute!”

With the average Brit spending over £70 on Valentines gifts, equivalent to 15 percent of their weekly salary, it is important for them to get the right present! Almost one in ten men are holding out for gadgets, with ipods and iphones on their wish lists. Savvy shoppers will undoubtedly be searching around online, and sites like paypaloffers.co.uk, which offers discounts or cashback from a number of retailers such as Goldsmiths, Dabs.com, Harrods and Comet, will ensure every penny counts.

For the men and women who are keen on weekends away, having a PayPal account will offer benefits with Monarch airlines, who are offering an exclusive £20 discount off all return flights.

Additional findings from the research:

¼ of UK men more likely to do their shopping online
Americans are much less likely to shop online – only one in ten will chose an online shop for Valentines presents
36% of Brits in a relationship don’t plan to give any valentine’s presents

To find out more about PayPal and set up an account please log onto: paypal.co.uk.