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

Romantics to splash out over £1 billion on gifts this year, but with an average spend of just £35. It's official: florists are men's saviours for last minute Valentine shopping

Despite the fact that over half [1](53%) of people in the UK think Valentine's Day has been over-commercialised, we are still set to spend over £1 billion[2] on gifts for the occasion, according to research for Alliance and Leicester current accounts.

Spending on debit cards by Alliance and Leicester's customers over the Valentine weekend last year rose by 60%[3] 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[4].

Last year, on February 14th itself, Alliance and Leicester's male customers spent six times what would do on a normal day in florists, whilst a 36% increase[3] in debit card transactions was generated in restaurants over the Valentine weekend (14th to 17th February 2007) by all Alliance and 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[1].

Emma Walkley, Senior Current Account Manager at Alliance and 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 and Leicester offers a range of market leading current accounts, with competitive rates of interest and value added benefits.

To find out more information on Alliance and Leicester's Premier current accounts, visit your local Alliance and Leicester branch, call 0845 300 2887 or go to www.alliance-leicester.co.uk/currentaccounts.

[1] Research was carried out online for Alliance and Leicester Current Accounts conducted by Opinium between 16th and 18th January 2008 amongst 2,038 GB adults aged 18 and over.

[2] According to A and L's research 60% of adults plan to purchase items for Valentines Day this year, each spending on average £34.86.

The UK adult population is 48,314,913 (Office of National Statistics).

[3] Figures are based on A and L customer debit card transactions.

[4] Opinium Research asked a nationally representative sample how much they intend to spend on their loved ones for Valentines Day this year.

The average response was £34.86.

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