Valentine’s Day shows New Year spending slump deepens
Figures from retail research group SPSL’s Retail Traffic Index released yesterday show shopper numbers this Valentine’s Day (February 14th) were down 10.8% year-on-year.
Last year the 14th was a Monday, but it was also half term, so the comparison is a valid one. The figures show a continuation of the spending slump in January where shopper numbers were down 4.0% against January last year.
According to Dr Tim Denison, Director of Knowledge Management at SPSL; “Traditionally Valentine’s Day provides retailers with a fairly lacklustre enticement to lure shoppers, compared to Easter, for instance. The poor showing this year possibly demonstrates that people really have got more pressing commitments for their resources given uncertainties in so many areas. Sure, shoppers were out but they were much more likely to be buying just one of the usual favourites such as cards, flowers, chocolates or Champagne this year, rather than all of them.
“Looking forward to Easter, it will be later this year than last, which will certainly help the DIY sheds and garden centres. However, early signs are that less will be spent on the home this Easter than in recent years due to faltering house values and rising fuel and other costs.”
