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Last minute lovers set for £1.5bn Valentine’s Day splurge

Romantic Brits due to make mid-morning dash for gifts, finds Sage Pay

•    Online spending will top £1.5bn with 11am set to be the busiest time for transactions
•    Average spend expected to top £100 per person for the first time
•    Clothes are the least wanted presents, reporting high numbers of refunds the week after Valentine’s Day

This year’s Valentine’s Day will see last-minute spending top £1.5 billion, with panicked Brits set to hit the web mid-morning in search of gifts for their loved ones. That’s according to data from Sage Pay, a provider of payments technology.

With Valentine’s Day upon us, time-pressured romantics are expected to embark on one final retail splurge to make sure they aren’t left thinking up awkward excuses for their partners. Mid-morning (11.00am-12.00pm) is set to be the busiest time, with people taking advantage of same day delivery options for their last minute cards, flowers and presents. And, with the economy finally getting back on track, it seems British consumers are set to be more generous than ever before with the average spend expected to exceed £100 per person for the very first time. 

But when it comes to what to buy, Sage Pay’s research suggests that shoppers should steer clear of clothes. According to the company’s data, clothes stores have traditionally been found to process the highest number of refunds in the week following Valentine’s Day. 

Simon Black, CEO at Sage Pay, said: “Gone are the days when you might trawl the high street in search of the perfect present. As an increasingly time-squeezed nation, the nation’s Romeos and Juliets prefer to turn to the web to spoil their loved ones – usually logging on in their lunch hours. Today, panic-buyers are likely to hit their shops even earlier in the hope they’ll be in time for the same day delivery options.”

“With transaction numbers and values increasing year on year, consumers are clearly increasingly reliant on the online shopping experience. Given the revenue opportunity this creates for businesses, it’s crucial that retailers are equipped to handle these spikes in demand and can cater for the often last minute requests from their customers, to ensure Brits aren’t left gift-less – or in the dog house!”

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About Sage Pay
Sage Pay is Europe’s leading independent payment service provider (PSP) and is one of the most trusted payment brands.  Every year Sage Pay processes billions of pounds worth of secure payments for its 50,000 customers and makes the process of accepting payments online, over the phone, or in person simpler, faster, safer and more profitable for businesses. 

Sage Pay is a subsidiary of FTSE 100 business management software and services company The Sage Group plc. For further information please visit: www.sagepay.com 

 

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