United Kingdom (UK) Valentine's Day - Analyzing Market, Trends, Consumer Attitudes and Major Players, 2023 Update

United Kingdom (UK) Valentine's Day - Analyzing Market, Trends, Consumer Attitudes and Major Players, 2023 Update

Summary

United Kingdom (UK) Valentine's Day - Analyzing Market, Trends, Consumer Attitudes and Major Players, 2023 Update report forms part of GlobalData's Retail Occasions series, and offers a comprehensive insight into the consumer dynamics and spending habits of UK consumers for Valentine's Day. The report analyses the major players, the main trends, and consumer attitudes.

Valentine’s Day penetration fell in 2023, with both participation and shopper penetration declining on the previous year. With Valentine’s Day being so close to Christmas, during which more consumers were seen to use financing options to spend beyond their limits, Valentine’s Day 2023 was deprioritised as consumers are still paying off loans and Buy Now Pay Later (BNPL) purchases. Yet, BNPL usage has also increased for Valentine’s Day this year, with over half of consumers stating that they felt worse off financially in 2023, suggesting that there may be a possible crash in spending power later in the year.

Key Highlights

• Shopper penetration, retail penetration and leisure penetration all decreased against 2022, but remained higher than 2021.
• Value for money proved to be the most prominent factor in retailer selection, followed by quality and price.
• The proportion of consumers spending money on their partners increased the most this year, with minor increases in those buying for parents, themselves and pets. There were slight declines in those spending money on children and grandchildren.
• Consumers have switched to discount retailers for food & drink this year, as inflation continues to rise. Premium food & drink retailers also saw a boost, as consumers traded down from eating out and takeaways.

• Identify the key retailers used by consumers to purchase Valentine's Day products across various categories, and what drives consumers to shop with these retailers
• Understand the most popular Valentine's Day categories shopped for by consumers in 2023
• Understand which channels used by consumers are the most popular when shopping for Valentine's Day products