Valentine’s Day spending spikes at an all-time high in Britain, but it’s all on credit


  • 18% of Brits have debts valuing over £2000
  • 18% of Brits need an extra £100 a month to keep up with their bills and repayments; 6% need to borrow more than £500
  • Britain needs an extra £3.8bn to cover normal monthly expenditures

As we spoilt our loved ones yesterday, research from GlobalData has revealed that it’s estimated that we reached the record retail spend of over £1bn, for the first time ever. Sales of Valentine’s Day gifts have rocketed from previous years and are in the largest category in the market.

As spending on commercialised gifts rose across the nation and the amount that couples spend on each other climbs each year, FairMoney asks if this was all being funded on credit? Are the pressures of commercialised events crippling consumers even further? FairMoney research unveils exactly what the available balance of Britain is and how we are spending far beyond our needs.

  • Brits borrowed an average of £75 to cover their Valentine’s Day costs
  • The average January credit card bill was £486.10 
  • The average loan and/or credit card debt value excluding a mortgage is £640.90
  • Nearly a quarter of Brits (23%) have debts including loans and credit cards but excluding mortgages, of over £1000
  • The average winter fuel bill is £288.40

Executive Chairman and Founder of FairMoney Dr Roger Gewolb:

‘Yesterday was the most expensive Valentine’s Day on record and whilst spending has increased, one thing hasn’t changed and that is the toxic relationship that Brits have with their personal finances. With such pressure from retailers, it’s not surprising that consumers turn to payday lenders and credit cards to battle the financial burden. As we face a whirlwind of debt, this is only exacerbated further by retailers luring in consumers with a sea of commercialised Valentine’s Day deals. Short term finance is bleeding us dry and millions of people are being pushed to extortion at the hands of high-interest credit options – one of the biggest atrocities to affect UK society.”