Retailers in some sectors have seen sales dwindle in the weekend ahead of Valentine’s Day compared to the same period last year as a “cost-of-loving” crisis takes hold. “Spending on romance has clearly taken a backseat this year, with modest uptick in retail sales of the traditional gifts we typically see at this point in the calendar. While florists and jewellers saw sales increase by 24% and 12% respectively in the weekend ahead of Valentine’s Day, their sales were down 34% and 23% respectively versus the same period last year, indicating that consumers are choosing to splash more conservatively. Meanwhile, demand at gift stores only increased by 3% compared to the prior weekend as consumers are opting to forgo the last-minute scramble for gifts. “Valentine’s Day spending is by no means a foolproof bellwether of consumer sentiment, but with consumers seemingly opting to treat outlay on romantic gifts as dispensable, pragmatism is winning out over sentiment on the high street.”

Source: The Times February 15, 2024 06:48 UTC