Romance can be costly according to recent research that has shown British consumers plan to spend a combined total of over £1.6 billion on their partners this Valentine’s Day.
Despite the fact that millions of households are struggling with debt management concerns, the average amount likely to be spent in the name of romance this year will be close to £71, it has been revealed.
Figures from PayPal suggest that almost one in five Britons will spend over £100 on their valentines and those aged between 18 and 24 are among those most likely to splash out for their sweethearts.
“It would seem that romance is far from dead as almost half of Brits will be splashing out a massive £1.6 billion on their loved ones this week,” said Cristina Hoole, a spokeswoman for PayPal.
Earlier this week, a report from accountancy firm KPMG made clear that some seven million UK consumers are struggling to meet their debt repayment demands.