Credit cards battered, in the name of love
Thursday, 12 Feb 2004 16:56
There will be a massive spending spree in the run-up to Valentine's Day, research has shown.
Sainsbury's Bank predicts 25.3 million Britons will spend a total of £2.36 billion.
People will spend an average of £93.50 each on cards, presents, and meals out. Men are expecting to blow £135 on their partner, while women will spend an average of just £36.
The bank added that £415 million of the total expenditure would be put on credit cards, with 313,000 people admitting it would take them more than a month to clear their debt.
Londoners are seen as the biggest spenders on the day with an average outlay of a whopping £239 each. Scots mean to pay £55 each on their loved ones. People in the North East, Yorkshire and Humberside are set to spend less at just £42.40 each.
Almost 780,000 people are set to spend more than £1,000, but almost a quarter of people (23 per cent) in relationships will not spend a penny on their loved ones.
The most popular Valentine's Day activity is to go out for a meal (45 per cent of people), over a third (38 per cent) will buy a present, one in four will buy flowers, 24 per cent will cook a special meal, and 16 per cent will buy chocolates.
Capital One estimates people will collectively spend £3.89 million on engagement rings, with around 3,000 people set to propose on February 14th.
£18 million will be spent on Valentine's Day cards and £20 million on roses, the group adds.