UK's Valentine's Day morphs into Palentine's Day - report
today Feb 14, 2019
While reports globally suggest that fewer people are taking part in Valentine’s Day this year (despite higher spending per head by those who are celebrating the day), there’s been a marked increase in those marking so-called Palentine's Day.
Along with the similar ‘Galentine’s Day’, it’s all about celebrating friendship and may seem like another of the modern greetings card and hospitality industries’ obsessions with giving consumers something else to spend money on, it’s also having an impact on wider gift categories.
A survey of 2,000 people from Vouchercodes.co.uk found that 24% of Millennials feel Valentine’s Day is the loneliest time of the year to be single, while 23% have been on a friend date if they haven’t got a significant other and 34% have exchanged gifts with a friend.
With the UK forecast to spend close to £1 billion on and around February 14, Palentine’s gifting opportunities outside of the traditional flowers, chocolates, champagne or jewellery, are significant for the fashion and beauty sectors.
The average Millennial is prepared to spend £39.90 overall to celebrate Valentine’s Day with a friend - 30% more than they would be willing to spend on a partner if they had been together less than a year (£30.70). And 65% said they would exchange gifts,, which looks like a huge future opportunity for stores that are already thinking of Valentine’s 2020.
Interestingly too, the survey also spoke to those celebrating a more traditional Valentine’s Day with their partner and asked what the worst gifts would be. “Cheap jewellery/watch” figured on that list at 12%, while popular gift option underwear was close behind on 11%.
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