Residents of Preston are the UK’s most generous Valentine’s Day spenders, according to the latest data from Worldpay.
Analysis of consumer spending patterns around Valentine’s Day showed that the average Prestonian spends £53 on Valentine’s Day treats – 18% above the UK national average. Milton Keynes (£49) and Aberdeen (£48) were Britain’s second and third most generous lovers, respectively.
By contrast, residents of the West Midlands appear to live by the mantra ‘money can’t buy you love,’ with Coventry and Walsall coming bottom of the table of 50 UK towns and cities. Walsall residents spend 50% less than their Northern counterparts – forking out a mere £26 on their loved ones on the national day of romance.
Worldpay’s data suggests a minimum spend of £45 should be enough to keep relationships intact this weekend. With most people choosing to say it with flowers, the payments processor findings show florists can expect to see their takings treble compared to an average week.
Of course, it’s not just florists that are readying themselves for a busy weekend. Worldpay’s analysis suggests restaurants can expect to add an extra 14% to their takings this weekend, while jewellers and hoteliers could see takings rise by 30%.
Anyone considering pushing the boat out with the full complement of flowers, hotel, dinner and something sparkly, should bank on spending at least £320 to cover costs, rising to a minimum of £560 if you happen to live in London.
Find yourself empty-handed this Sunday, and Worldpay warns will need to spend at least 25% more if you count on smoothing things over with your loved one with a bouquet on ‘Make up Monday’. Worldpay’s analysts found customers blow an average of £50 per bunch of flowers on 15th February, compared to the £40 average people spend on blooms in the week running up to Valentine’s Day.
Dave Hobday, UK managing director, Worldpay, said: “Valentine’s Day is bigger than Christmas for certain sectors – particularly if you happen to be a florist in Lancashire, where local residents really seem to go to town on spoiling their loved ones.
“Most business owners will be focusing on how to maximise profits over the intense and increasingly panicked 48 hour period up to and including Valentine’s Day. But the shrewdest shop owners will also be making sure to keep some stock back for Mondaymorning, when our data suggests there’s a premium to be made out of penitence.”