Valentine’s Day spending is expected to reach £2.4bn this year, up 4% on 2006, according to the British Retail Consortium (BRC).
The increase would mean retailers’ share hitting £1.3bn, up from £1.2bn last year.
Flowers continue to be the most popular gift for 58% of people purchasing Valentine’s presents with 21 million roses expected to be sold.
Chocolates are preferred by 48% of people while 28% splash out on jewellery. But sales of lingerie are predicted to be down £5m on last year to £87m.
Kevin Hawkins, BRC director general says: “Valentine’s Day gives an important post-Christmas boost to retailers in several sectors. The number of romantics, their expectations and their desire to show their feelings seem to rise steadily each year. We expect total spending will be up on last year by slightly more than inflation. Our figures show men will spend a bit more than women
“Interestingly lingerie is the one item we expect less to be spent on this year. That could partly reflect falling prices but, with lingerie the gift most likely to be returned to the shop by the recipient, it may just be that men are finally learning their lesson and buying safer presents.”