With Valentine’s Day just around the corner, Irish florists and restaurants are preparing for one of their busiest times of the year. According to recent spending data from AIB, this February 14 is set to be the second-busiest day of the year for florists, trailing only Mother’s Day.
Data shows spending at florists is expected to peak between 4 PM and 5 PM as last-minute shoppers race to purchase flowers on their way home from work. Interestingly, the analysis indicates men are responsible for the majority of this spending, accounting for 85% of the purchases on Valentine’s Day.
The average spend per transaction at florists stands at €47 when buying flowers in-store; online, this figure jumps to €71. Notably, for those who might forget the occasion, spending on flowers tends to surge significantly after Valentine’s Day, where the average online transaction climbs to €89.
Valentine’s Day 2024 is also projected to drive dining out, with restaurant spending expected to increase by 44% as couples celebrate their love with special meals. Last year’s statistics highlight significant rises across various sectors, including a 69% hike in cinema spending, 27% more at pubs, and 17% increases at hotels, with gift card sales also rising by 23%.
Among confectionery purchases, Valentine’s Day was the top day for sales last year, and interesting patterns emerged leading up to the day: the week preceding Valentine’s Day saw confectionery spend rise by 14% more than the average.
While Christmas remains the peak period for jewellery sales, the Saturday before Valentine’s Day saw impressive transactions, averaging €153 at jewellery stores. Specific regions such as Dublin, Louth, and Laois reported the highest average jewellery spending, ranging from €148 to €156, whereas areas like Leitrim, Sligo, and Donegal reported lower averages, around €91 to €101.
Adrian Moynihan, head of consumer at AIB, expressed insight about the interpersonal connections reflected through spending around Valentine’s Day, saying: “It’s really interesting to see how consumer spending patterns change around Valentine’s Day, with notable increases across a number of sectors and categories.” He expects these trends to help inform businesses’ strategies, indicating the need for more staff during peak rush hours.
These findings paint a vibrant picture of consumer behavior around Valentine’s Day, illustrating how different demographics engage with various products and services. It seems not only are romantic gestures front and center, but the occasion significantly fuels economic activity across multiple sectors.