Valentine’s day on hold as recession hits romance

Nearly one in ten adults in a relationship cannot afford to celebrate Valentine’s Day this year and one third will spend less than £20 on their loved one, according to a new study by uSwitch.com, the independent price comparison and switching service. In fact, Valentine’s Day is set to be a sombre affair with most people shunning traditional overseas romantic destinations such as Paris, Venice or New York to stay closer to home. More than 20 million (69%) intend to stay in Britain this year.

The average amount people plan to spend on their loved ones this Valentine’s Day is £23 - enough to buy a bunch of roses from Britain’s favourite supermarket or a novelty helium balloon from a high street card retailer. While 11 million people will spend up to £20 this year - poor pickings for those hoping to be whisked off their feet - nearly 12 million plan to spend nothing at all.

Men are willing to spend double the amount that women spend on gifts. The average British woman will spend £15 on their loved one, whilst the lads are willing to dig deeper and spend twice that amount (£30) this Valentine’s Day.

In response to the findings, uSwitch.com has teamed up with travel expert Tania Ahsan to produce a Recession-Busting Guide to Romantic Getaways for Valentine’s Day. The guide highlights affordable British alternatives to traditional romantic overseas destinations and ranks them according to what they have to offer ‘courting couples’.

Tania Ahsan suggests that Britons consider Hull, with its bustling waterways, as an appropriate substitute for a romantic break in Venice, or the cosmopolitan shores of the Isle of Dogs as opposed to a weekend in the island getaway of the Seychelles.

Ann Robinson, Director of Consumer Policy at uSwitch.com, comments: “Valentine’s Day is traditionally a time to splash some cash, but with consumers tightening their belts this year romance may be in for a rocky ride. However, even in cash-strapped times I’d be surprised if there are very many people who would actually prefer to be huddled under an umbrella in Southend than sunning themselves on the beach in Dubai.

“While it is great news that consumers are reining in on spending, they are in danger of missing a trick. Consumers can spend more of their hard-earned salaries on the nicer things in life, such as treating their loved one, if they take control of their finances. Households can save up to £1,500 on bills and financial services just by shopping around for the best deals on the market – more than enough to inject a bit of romance back into life.”

Regional Romance on a Budget

Most of this year’s big Valentine’s spenders come from London and the West Midlands. These areas have the highest number (8% and 7% respectively) willing to fork out over £100 on their partners. The lowest average Valentine’s Day spend is in the East Midlands at £15 while the highest is in London at £33.

Although there are more than 33 million Brits (73%) in a relationship, 12 million (35%) won’t be celebrating Valentine’s Day this year, whether they can afford it or not. Disappointing figures for those in a relationship maybe, but no doubt welcome news to those living in London, home to the highest proportion of singletons with over three million (33%) living in the city.

Britons aged between 18 and 24 are the highest spenders. Among the over 55 age bracket, however, over six million (52%) plan to spend nothing on their loved ones. The average amount over 55s intend to spend is £15 while 18 to 24 year olds aim to spend an average of £39, perhaps proving that young love doesn’t come cheap after all.



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