Member Article

Valentine’s Day to bring a £1.6 billion boost to UK retail

It is estimated that the UK will spend £1.6 billion on gifts for their loved ones this Valentine’s Day, giving the retail sector a much needed boost after the post-Christmas lull.

February sales are typically flat according to figures from the British Retail Consortium and so the event gives businesses an opportunity to engage with customers and find new ones.

This year, Valentine’s Day is even more in the spotlight, as the release of much-anticipated Fifty Shades of Grey film has been timed to launch today.

Valentine’s Day has long been a boon to retailers, who welcome the opportunity to boost sales after a dip following the frantic festive season.

Britons spent £40.2 million on cards for the day last year, averaging £1.86 per person, the highest spend among special occasions, the Greeting Card Association has calculated.

Meanwhile Tesco estimates that is sells more than one million bouquets of flowers for Valentine’s Day each year.

Simon Read of Growth Accelerator, the Government-backed scheme that provides small businesses with a mentor and grants, says firms should start planning for the occasion soon in the new year.

“Whether it’s hiring someone to give your social media channels a real push or being able to boost your stock ready for the Valentine’s rush, being prepared to really take advantage of these opportunities is crucial for those businesses wanting Valentine’s success.”

This was posted in Bdaily's Members' News section by Clare Burnett .