New spending data from AIB highlights the impact that Valentine’s Day has on consumers, with transactions at florists and restaurants expected to rise this week.
Analysing data on card spending by its customers, AIB said Valentine’s Day in 2024 was the second-busiest day of the year for florist sales, after Mother’s Day.
Spend in florists peaked between 4pm and 5pm on February 14 as people made a last-minute dash on the way home from work.
More men than women bought flowers that day, with men accounting for 85% of spend.
The average spend per transaction in-store was €47, while this figure increased to €71 online.
However, AIB said those who may have forgotten to mark the occasion may have felt the need to make up for it, as the average spend per transaction on flowers in the days after Valentine’s Day increased to €89 online.
Valentine’s Day in 2024 also led to a 44% increase in spending in restaurants that day as couples marked the occasion.
Last year also saw a 69% rise in cinema spending, pub spend increased by 27%, hotels were up by 17%, and gift card sales rose 23%.
Valentine’s Day was the best day in February of last year for in-store confectionery spending, while the best day for confectionery spending for online shoppers who were planning ahead was February 8.
The week leading up to Valentine’s Day saw spending on confectionery 14% higher than average.
AIB said Christmas remains the busiest period for jewellery spending but the Saturday before Valentine’s Day last year saw transactions in jewellery stores rising to €153. In the week leading up to Valentine’s Day, Dublin (€156), Louth (€149), and Laois (€148) had the highest average transaction on jewellery, while Leitrim (€91), Sligo (€100), and Donegal (€101) had the lowest.
Adrian Moynihan, head of consumer at AIB, said: “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 said their data enables a better understanding of consumer spending trends and can help businesses plan accordingly, for example by having more staff available for an evening rush. He added:
We expect that spending will increase on Valentine’s Day this year across a number of sectors, with retail and hospitality set to benefit the most.