New research from AIB reveals a surge in spending by Irish consumers on Valentine’s Day. The research shows that spending on flowers alone increased 295%, with the majority of transactions taking place between 4pm and 6pm. Notably, spending in florists by men increased 492% in what appears to be evidence of last-minute panic buying.
The data, compiled from c. 1.7 million debit and credit transactions, shows the spending habits of Irish consumers. Spending in jewellery shops increased by 38%, while spending in hotels increased by 14% with the number of transactions increasing by 36%. People spent an average of €110 in hotels, with men under the age of 25 seeing the highest increase in spend at 123%.
Restaurants and pubs were the biggest Valentine’s Day hotspots, with restaurants seeing an increase in spending of 83% and pubs seeing an additional 58% in spending, with the busiest hours between 8pm and 11pm. The number of transactions in restaurants increased by over a third.
Men are the biggest spenders on Valentine’s Day, spending 55% more than women, with the average spend per transaction being €27 for men and €24 for women. Men completed 30% more transactions than women, with men’s spending increasing 65% more on Valentine’s Day compared with the same day the previous week.
Sean Jevens, Chief Digital Officer at AIB, said: “Occasions like Valentine’s Day provide a unique insight into the spending habits of people in Ireland and can help both customers to plan their spending, and businesses to plan and meet their needs.”