British couples aren’t feeling the love this year, with financial pressures causing one in four to shun Valentine’s Day plans.
Cash-strapped hopeless romantics are opting for a low-spend evening, with DIY celebrations in mind.
Research from Quotezone.co.uk reveals over half (57%) of Britons are choosing to stay home on Valentine’s Day to save on cost.
The rising cost of living and increasing inflation are having a huge impact on the love lives of many this year, forcing many to shun celebrations.
Romance often comes with a price, with 25% blaming their lack of celebrations on the increased cost of living.
The cost of Valentine’s gifts has risen by 11% in the last year, with flowers and chocolates taking a bigger chunk out of people’s budgets.
Many couples are feeling the pinch, following Christmas spending and forking out for winter heating bills.
With a romantic three course meal setting couples back £60 on average, nearly half (49%) are choosing to completely ban the romantic holiday, labelling it as a scam.
Cash-strapped romantics are instead opting for a DIY Valentine’s Day, with 56% choosing to spend the evening at home.
There are plenty of ways to show your devotion for a partner without breaking the bank. Budget-friendly options for Valentine’s celebrations include cooking a homemade meal, an at-home movie night, and personal handmade gifts.
Greg Wilson, Founder and CEO of price comparison site Quotezone.co.uk said: “Love is struggling to be in the air for many couples this Valentine’s, as many are unable to stretch their budgets to cover the romantic season.
“Over the past two years we have seen the cost of living and rise of inflation impact household items, monthly bills and weekly food shops. Now, money that may have previously been set aside for date nights is being used towards essential bills and food.
“This year, the romantic holiday is a grim reminder for many of their stretched budgets. One in four Brits shared they are choosing not to celebrate due to the cost and financial pressures, which isn’t surprising when we see the cost of Valentine’s gifts have increased by over ten percent in 2023.
“Our research found 56% of people are opting for a DIY date this year with budget-friendly options. It can also help for couples to revisit their household budget regularly and see where they can shave off waste and find additional cash they didn’t know they had – especially now at the start of a new year, it’s important to make sure direct debits don’t auto-renew without giving you the chance to hunt around for savings.”