Wondering what to treat your loved one to this Valentine’s Day? We crunched the numbers on the Valentine’s spending habits of our Orange Everyday account holders last year, and found there’s no shortage of ideas when it comes to celebrating romance.
Say it with flowers, jewellery and chocolate
A traditional but enduringly popular option, flower sales spike in the lead up to, and on, Valentine’s Day. If last year’s trend is any indication, florists can expect almost 4 times the usual amount of customers – spending an average of $65 on blooms for their special someone.
With an average spend of $147, jewellery is a more expensive romantic gesture but remains one of the top ways to say I love you. Our analysis of customer spending behaviour in 2014 revealed an 80% increase in jewellery store purchases the day before Valentine’s Day and on the day itself.
Also in luck are the chocoholics among us. Based on last year’s trends, we’re set to receive $26 worth of sweet treats from our partners, with confectionary stores in line to receive 1.7 times the usual number of customers on 13 and 14 February.
And it doesn’t end there. When it comes to date night, we spend slightly more in bars ($51) than restaurants ($46) while a night at the movies sets us back an average of $34. For those of us who choose to stay at home and cook up a romantic meal, the $48 spend in liquor stores could indicate that we’re likely to accompany that with a few bottles of wine.
The price of love
Whether it’s down to a premium on prices or a desire to please our partners, it’s perhaps not surprising that our Valentine’s purchases tend to cost us more than normal. We spend 4% more on flowers, 5% more on jewellery and 6% more on restaurants than we usually do. And, for some of us, love really is in the air – with holidaymakers spending 38% more on flights around 14 February than at any other time of year.
That said, splashing out in the name of love isn’t just a couple’s domain. All that romance has inspired lonely hearts to find themselves a partner of their own, with our analysis of spending behaviour revealing singles spend 44% more than usual on dating services around Valentine’s Day.
ING DIRECT Insights are based on the spending trends and behaviour of more than 250,000 Orange Everyday transaction account customers. The Valentine’s Day spending insights measure spending behaviour on 13-14 February 2014 against all 2014 transaction data.
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