Rush of romance as spending is set to rise this Valentine’s Day

Despite the fact that over half (53%) of people in the UK think Valentine’s Day has been over-commercialised, we are still set to spend over £1 billion on gifts for the occasion, according to research for Alliance & Leicester current accounts.

Spending on debit cards by Alliance & Leicester’s customers over the Valentine weekend last year rose by 60% on chocolate, flowers, jewellery and restaurants, compared to the previous week. This supports UK wide consumer research which shows that, on average, wannabe romantics expect to spend just £35 each celebrating Valentine’s day.

Last year, on February 14th itself, Alliance & Leicester’s male customers spent six times what would do on a normal day in florists, whilst a 36% increase in debit card transactions was generated in restaurants over the Valentine weekend (14th to 17th February 2007) by all Alliance & Leicester current account customers.

Men are still traditional in their attitude towards February 14th, with 37% expecting to spend more on their partner than their partner will spend on them – although spending is often left to the last minute, as one in three (36%) leave it until a day or two before.

Emma Walkley, Senior Current Account Manager at Alliance & Leicester said: “Although people say Valentine’s Day has been spoilt by over-commercialisation, spending patterns show that we still make an effort to celebrate it in some way. Last year’s figures showed a rush of romance in the days leading up to the 14th February and the weekend after.

“This year is likely to show a similar trend, with florists seeming to be the salvation for those men who have forgotten that Valentine’s Day is upon us and need a last minute purchase, or who struggle finding interesting and imaginative presents.”

Alliance & Leicester offers a range of market leading current accounts, with competitive rates of interest and value added benefits. To find out more information, visit alliance-leicester.co.uk/currentaccounts.