UK set to spend over half a billion Pounds on Valentine’s Day gifts …
Cupid Economic Index launched to track Valentine’s Day gift spending across the UK
A nationwide survey commissioned by AskHerFriends.com which interviewed over 2000 people has found that the UK is expected to spend just over half a billion Pounds on Valentine’s Day gifts. To keep track of year-on-year spending amongst UK’s love-struck on Valentine’s Day gift – the first of this year’s key shopping dates for the retail industry – AskHerFriends.com has launched the Cupid Economic Index (AHF CUPEX). The AHF CUPEX takes into account UK inflation, population rise and the weighted average spend amongst UK consumers.
In 2014, the UK is expected to spend £595m, up by £12m in 2013 – an increase of 2.5%. London is predicted to contribute a fifth of the total spending on gifts this Valentine’s Day to the capital’s economy with at an estimated £116m. Scotland is also likely to make a sizeable contribution to the UK’s Valentine’s Day economy with just over £51m spent on gifts.
The AHF CUPEX found Valentine’s Day consumer confidence higher amongst males (up 5.1%) than females (down 1.4%) compared to 2013. Confidence amongst young men and women aged 16-24 is roaring back this year as CUPEX is up 34.8%.
The surprise non-spenders this year will be married couples, with 39% of those surveyed planning on not spending anything at all. This compares with 29% for those living with their partner and 23% for those whom are not living together.
Ben Blomerley, Founder of AskHerFriends.com and former Ernst & Young accountant said: “There is of course a plethora of macro-economic data, but there is nothing geared towards Valentine’s Day – an important shopping day – but isn’t as widely celebrated as Christmas. We have seen a steady rise in the number of customers using our site, which is in line with consumer confidence, so we are well placed to comment on Valentine’s Day gift spending. We wanted to understand how the UK consumers celebrate Valentine’s Day and how that compared or contrasted with last year’s data. If the current levels of consumer confidence continue then we can expected a further rise in the annual CUPEX in 2015.”
AskHerFriends.com was set up by Ben Blomerley who found buying gifts for girlfriends difficult and stressful. A few years ago, Ben bought his girlfriend a worm farm. She was soon his ex-girlfriend! He still maintains that she liked it – free compost for the garden – but it was hardly the most romantic gift. This was the inspiration behind creating AskHerFriends.com, which brings together the best of British products, crowd-sourced ideas and social networking to help men select the perfect gift for her. The site’s unique Ideas Map has an innovative algorithm which can suggest the perfect gift to buyers to match their budget and the recipient’s style and taste.
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