Valentine’s Day 2023 was challenging for retailers amid the cost-of-living crisis. Looking forward to 2024, there is room to learn from this year’s challenges and find new opportunities. Mintel’s UK Valentine’s Day Market Report will help your business detect these opportunities and how best to utilise them. The report is full of statistics on 2023 UK valentine’s day spending, valentine’s day retail market trends, and future innovations in the market. Read on to find out more.
Valentine’s Day 2023 – Market Challenges
In 2023, Valentine’s Day struggled to gain traction amid a cost-of-living crisis, spending was estimated to have fallen 19% year-on-year. Average consumer spending also dropped. Among those who did buy, 50% said they bought fewer Valentine’s Day gifts this year because of financial concerns.
Valentine’s Day retailers also have to contend with a growing fatigue among consumers about the throwaway nature of many usual Valentine’s Day gifts.
Valentine’s Day 2024 – Market Opportunities
The easing of inflation in the second half of 2023 should present greater opportunities for the 2024 event. As previously mentioned, consumers are looking for gifts that last longer, with 63% willing to spend more on these when shopping for Valentine’s Day gifts.
Retailers can tap into the ‘feel good’ factor as a way to encourage spending. Mintel’s market analysis expects there to be a willingness to brighten moods after a difficult few years and many will use Valentine’s Day as an excuse to do this. Gifts that can bring emotional and mental benefits, such as chocolate or flowers, are likely to be popular.
As the economic outlook improves, opportunities for retailers around Valentine’s Day will grow. To find out more about these opportunities, and how your business can take advantage of a changing market, purchase our complete market report.
Read on to learn more about our UK Valentine’s Day Market Report, or take a look at our extensive retail market research.
Quickly Understand
- Market size for estimated spending on Valentine’s Day gifts.
- Valentine’s Day new product development and innovations.
- The impact of cost of living crisis on Valentine’s Day shopping behaviours.
- Factors that would help encourage non-buyers during Valentine’s Day.
- What gifts they buy for Valentine’s Day.
- How they buy gifts for Valentine’s Day.
- Valentine’s Day shopping behaviours.
- Valentine’s Day celebrations.
Popular Retail Brands Covered in this Report
Aldi, Marks & Spencer, Sainsbury’s, Tesco, Morrisons, Amazon, eBay, IKEA, Boots, Waitrose & Partners, Lidl.
Expert Analysis from a Specialist Retail Sector
This report, written by Emily Viberg, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK valentine’s day retail market and add expert context to the numbers.
Valentine’s Day 2023 was challenging with the number buying gifts falling and average spending down among those who did spend. 2024 is likely to be more promising as confidence improves, particularly if brands and retailers can reframe the event as not just romantic but also one that taps into the wider trend of ‘self-care’, opening up a space for self and friend gifting.
Emily Viberg
Retail Analyst
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Overview
- Key issues covered in this Report
- Products covered in this Report
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Executive Summary
- The market
- Valentine’s Day spending declines amid cost of living crisis
- Figure 1: Estimated spending on Valentine’s Day gift products 2019-23
- Consumers’ financial wellbeing has fallen from the highs of 2021…
- Figure 2: Household financial wellbeing index, 2016-23
- Elevating the at-home dining experience presents multiple opportunities
- Figure 3: Attitudes towards home delivery and takeaway, 2022
- Companies and brands
- Aldi launches dating service for Scots looking for love this Valentine’s Day
- Figure 4: Aldi’s ‘Al-date’ service, 2023
- Lego launches build-your-own flower bouquets
- Figure 5: Lego’s new build-your-own flower bouquets, 2023
- Ethical claims dominate Valentine’s Day new product development
- Figure 6: Top 10 claims for Valentine’s Day products, 2023
- Grocers dominate Valentine’ Day NPD
- Figure 7: New product development in Valentine’s Day category by company, 2023
- Valentine’s Day is a time to celebrate all types of love
- Figure 8: Examples of Valentine’s Day pet products, 2023
- Advertising spend drops 1.5% in February 2023
- Figure 9: Total above-the-line, online display and direct mail advertising expenditure by all retailers in February, 2018-23
- Amazon top ad spender
- Figure 10: Total above-the-line, online display and direct mail advertising expenditure by top 20 advertisers in 2023
- The consumer
- Overall gift purchasing falls amidst economic downturn
- Figure 11: Valentine’s Day gift purchasing, 2019-23
- Valentine’s Day gift spending falls below pre-pandemic levels
- Figure 12: How much they spend on Valentine’s day gifts, 2019-23
- Half of shoppers buy fewer Valentine’s Day gifts
- Figure 13: Valentine’s Day – CHAID – Tree output, 2023
- Make Valentine’s Day gift shopping in-store easy
- Figure 14: Valentine’s Day shopping behaviours, 2023
- Celebrations subdued this year
- Figure 15: Valentine’s Day celebrations, 2023
- Most don’t celebrate Valentine’s Day
- Figure 16: Reasons why they did not spend money on Valentine’s Day gifts, 2023
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Issues and Insights
- The outlook for Valentine’s Day 2024
- Valentine’s Day 2023 struggled to gain traction amid cost of living crisis
- Valentine’s Day 2024 set to be more promising
- For 2024 retailers need to position gifts to tap into that ‘feel-good’ factor
- Create gifts that last and keep on giving
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Market Size and Performance
- Valentine’s Day spending declines amid cost of living crisis
- Figure 17: Estimated spending on Valentine’s Day, 2019-23
- In-home food and drink captures the majority of Valentine’s Day spending
- Figure 18: Estimated breakdown of consumer spending on Valentine’s Day products, 2023
- Figure 19: Estimated breakdown of consumer spending on Valentine’s Day products, 2021-23
- Valentine’s Day spending declines amid cost of living crisis
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Market Drivers
- Inflation will continue to eat into consumer spending power over the course of 2023
- High inflation and rising interest rates will compound the impact of the slowing recovery
- Consumer spending power will be curbed
- Consumers’ financial wellbeing has fallen from the highs of 2021…
- Figure 20: Household financial wellbeing index, 2016-23
- Key gifting categories impacted by cost of living crisis
- Flower and houseplants purchasing dip amid cost of living crisis
- Figure 21: Flower and houseplants purchasing levels, 2023
- Importance of taste and gifting will support sales of chocolate confectionary
- Figure 22: Attitudes towards chocolate, 2022
- Elevating the at-home dining experience presents multiple opportunities
- Figure 23: Attitudes towards home delivery and takeaway, 2022
- Aging population presents barriers for Valentine’s Day engagement
- Figure 24: Breakdown of trend in the age structure of the UK population, 2020-30
- Figure 25: Breakdown of trend in the age structure of the UK population, 2020-30
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Launch Activity and Innovation
- Lego launches build-your-own flower bouquets
- Figure 26: Lego’s new build-your-own flower bouquets, 2023
- Westfield White City launches Choose Love pop-up
- Figure 27: Westfield White City and Choose Love photoshoot pop-up, 2023
- Aldi launches dating service for Scots looking for love this Valentine’s Day
- Figure 28: Aldi’s ‘Al-date’ service, 2023
- Moonpig launches video message cards in time for Valentine’s Day
- Figure 29: Moonpig’s video message Valentine’s Day cards, 2023
- Waitrose launches wrap-free Valentine’s Day bouquet
- Figure 30: Waitrose plastic wrap-free Valentine’s Day flowers, 2023
- Lush’s gift subscription service goes global for Valentine’s Day
- Figure 31: Lush Valentine’s Day subscription box, 2023
- Zara teams up with Zepeto and launches Metaverse Valentine’s Day collection
- Lego launches build-your-own flower bouquets
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Valentine’s Day New Product Development
- Valentine’s Day NPD
- Figure 32: Type of launches for Valentine’s Day 2023
- Brands refresh ranges with Valentine’s Day themed launches
- Figure 33: Examples of new variety/range extension products for Valentine’s Day 2023
- Ethical claims dominate Valentine’s Day NPD
- Figure 34: Top 10 claims for Valentine’s Day products, 2023
- Environmentally-friendly gifts
- Figure 35: Example of Valentine’s Day product carrying recycling claims, 2023
- Sainsbury’s vegetarian friendly meal offer
- Figure 36: Example of Valentine’s Day product carrying recycling and vegan claims, 2023
- M&S leads recorded launch activity
- Figure 37: New product development for Valentine’s Day, by ultimate company, 2023
- Grocers dominate Valentine’ Day NPD
- M&S gives Connie the caterpillar a Valentine’s Day makeover
- Figure 38: Example of repackaged Valentine’s Day product, 2023
- Sainsbury’s highlights premium range
- Figure 39: Example of premium Valentine’s Day product, 2023
- Colour cosmetics leading NPD category for Valentine’s Day 2023
- Figure 40: New product development for Valentine’s day products, by category, 2023
- Kiko launches extensive new Valentine’s Day collection
- Figure 41: Example of Kiko Valentine’s Day product, 2023
- Notable NPD launches
- Make celebrations at home an experience
- Figure 42: Examples of dine-in Valentine’s Day products, 2023
- Valentine’s Day is a time to celebrate all types of love
- Figure 43: Examples of Valentine’s Day pet products, 2023
- Give a playful twist to gifts and products
- Figure 44: Examples of playful Valentine’s Day products, 2023
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- Figure 45: Examples of alternative Valentine’s Day bouquet products, 2023
- Valentine’s Day NPD
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Advertising and Marketing Activity
- Advertising spend drops 1.5% in February 2023
- Figure 46: Total above-the-line, online display and direct mail advertising expenditure by all retailers in February, 2018-23
- Amazon top ad spender
- Figure 47: Total above-the-line, online display and direct mail advertising expenditure by top 20 advertisers in 2023
- TV popular adverting channel
- Figure 48: Recorded above-the-line, online display and direct mail total advertising expenditure by all retailers, by advertising method, 2023
- Key campaigns
- Tesco to offer up to half a million free blood pressure checks
- Figure 49: Tesco Pharmacy blood pressure checks for Valentine’s Day, 2023
- Bloom & Wild celebrates a ‘zero-pressure’ Valentine’s Day
- Figure 50: Bloom and Wild ‘anti-Valentine’s Day’ campaign, 2023
- Toblerone and Le Pub introduce “The Love Is Worth It”
- Nielsen Ad Intel coverage
- Advertising spend drops 1.5% in February 2023
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Gifts Bought for Valentine’s Day 2023
- Overall gift purchasing falls amidst economic downturn
- Figure 51: Any Valentine’s Day gift purchasing, 2019-23
- Smaller-ticket items drive gift purchasing
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- Figure 52: What They bought for Valentine’s Day gifts in 2023
- 16-34s are the keenest Valentine’s Day gift buyers
- Figure 53: What They bought for Valentine’s Day gifts, by age group, 2023
- Gift buying skewed towards higher income households
- Figure 54: What They bought for Valentine’s Day gifts, by household income, 2023
- Overall gift purchasing falls amidst economic downturn
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How Much They Spent on Valentine’s Day Gifts
- Valentine’s Day gift spending falls below pre-pandemic levels
- Figure 55: How much they spent on Valentine’s day gifts, 2019-23
- Younger shoppers spend more on average
- Figure 56: How much they spent on Valentine’s day gifts, by age group, 2023
- Hybrid working boosts spending power for Valentine’s Day gift buyers
- Figure 57: How much they spent on Valentine’s day gifts, by working situation, 2023
- Valentine’s Day gift spending falls below pre-pandemic levels
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Valentine’s Day and the Impact of Cost of Living Crisis
- Half of shoppers buy fewer Valentine’s Day gifts
- Highlight discounts and rewards to engage cautious gift buyers
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- Figure 58: Valentine’s Day – CHAID – Tree output, 2023
- Retailers can upsell though loyalty discounts
- Combat perceptions of overconsumption with gifts that last
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Valentine’s Day Shopping Behaviours
- Make Valentine’s Day gift shopping in store easy
- Figure 59: Valentine’s Day shopping behaviours, 2023
- Younger consumers want gifts that last
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- Figure 60: Percentage of consumers who are willing to pay more for gifts that will last, by age group, 2023
- Younger consumers use Valentine’s Day to treat themselves/friends
- Figure 61: Percentage of consumers who like to use Valentine’s day as an excuse to treat family/friends, by age group, 2023
- Make Valentine’s Day an affordable treat for lower income households
- Figure 62: Percentage of consumers who like to use Valentine’s day as an excuse to treat family/friends, by household income, 2023
- Make Valentine’s Day gift shopping in store easy
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How Valentine’s Day Was Celebrated in 2023
- Celebrations subdued this year
- Figure 63: Valentine’s Day celebration, 2023
- 16-34s more likely to have a meal at home for Valentine’s Day
- Figure 64: Valentine’s Day celebration, by age group, 2023
- In-home celebrations lead by higher income households
- Figure 65: Valentine’s Day celebration, by household income, 2023
- Celebrations subdued this year
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Why They Didn’t Buy Gifts for Valentine’s Day
- Most don’t celebrate Valentine’s Day
- Figure 66: Reasons why they don’t spend money on Valentine’s Day gifts, 2023
- Persuade lower income households to buy into the sentiment around Valentine’s Day
- Figure 67: Reasons why they don’t spend money on Valentine’s Day gifts, by household income, 2023
- Emphasise self-gifting for shoppers who say they don’t have anyone to buy for
- Figure 68: Percentage of consumers who did not have anyone to buy Valentine’s Day gifts for, by age, 2023
- Most don’t celebrate Valentine’s Day
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Appendix – Data Sources, Abbreviations and Supporting Information
- Data sources
- Abbreviations
- Consumer research methodology
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Appendix – CHAID Analysis
- Methodology
- How to read the CHAID Tree
- Figure 69: Valentine’s Day – CHAID – Table output, March 2023
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