Valentine’s Day spending was down 14 per cent last Saturday in a sign that loved-up couples were either better prepared this year or less willing to splash the cash, data from Bank of Ireland suggests.
The bank’s debit and credit card spending data, which only covers February 14th and is compared with the same date last year, shows steep declines in the purchase of flowers, which were down 33 per cent, as well as cards, where spending fell 28 per cent.
There was also a 6 per cent decline in spending on perfume, while roughly the same amount as last year was shelled out on chocolates.
There were some signs that people were willing to spend on their other halves, as jewellery spending surged 51 per cent on the day, while spending on gift websites was up by 4 per cent.
READ MORE
Bank of Ireland said the figures suggest there was a shift away from gifts towards “more shared experiences” such as eating out or a night away, as restaurant spending and hotel stays climbed 22 per cent and 11 per cent respectively.
There was also a rise of 51 per cent in pub spending, which Bank of Ireland referred to as a “romance and rugby boost” as people flocked to pubs and bars to watch Ireland beat Italy in the Six Nations.
Gerardo Larios Rizo, head of Bank of Ireland’s hospitality sector, said: “Our Valentine’s Day data shows that while overall spending was slightly softer, people were still determined to make the day special.
“Instead of splashing out on single-use gifts, consumers shifted to special moments such as a romantic dinner, a hotel stay or even celebrating romance and rugby in their local pub.
“While some romantics shopped ahead, the spike in jewellery sales on the day itself suggests a rush of last-minute panic-buying this year.”
