The over 60s spend the most on Valentine's Day
According to Bankinter Consumer Finance, Spaniards between 60 and 70 spend an average of 75.6 euros on their Valentine's gifts, more than the country's average of 69.1 euros, and a figure much higher than that of the youngest age group (54.8 euros, for those under 30).
Men, especially married ones, spend more than women on their presents for the occasion, 12% more to be precise.
People in Navarra, the Canary Islands and Valencia increase their spending the most on Valentine's Day (84%, 78% and 74% more on average, respectively, compared to other similar days in the month of February).
Valentine's Day is undoubtedly one of the annual milestones in consumption. Spaniards are expected to spend an average of 69.10 euros on their gifts, which is 11% more than they usually spend on similar days in February. Flowers, luxury items, cosmetics and restaurant meals are the main areas of spending on this date.
These data come from an analysis carried out by Bankinter Consumer Finance, based on the buying habits of its credit card users. They show that the tradition of giving gifts on Valentine's Day in Spain varies substantially depending, among other things, on age, gender and marital status.
The difference between the different generations is particularly striking. Older people spend more money on their Valentine's purchases, as reflected in the fact that the people who lavish the most money on their partners are those aged between 60 and 70, who on average spend 75.60 euros on their credit card; followed by those in the 50-60 age range (71.60 euros) and the over 70s (71.50 euros).
Meanwhile, people between 40 and 50 dedicate 66.10 euros to such purchases compared to the 64.50 euros of those between 30 and 40 years of age. Those who spend the least on Valentine's Day are the youngest, people under 30 (54.80 euros).
According to Bankinter Consumer Finance data, men spend 11% more than women on their Valentine's Day gifts. Married women also spend more than single women (an extra 9%) on gifts for their loved ones on this occasion.
Flowers remain the quintessential gift for February 14, with expenditure on them up by 285% compared to spending on the rest of the days in February, with an average of 38.6 euros per person. Around 91% of flowers for Valentine's Day are bought by men. Those aged between 40 and 50 spending the most (44 euros). Married men spend 10% more on average per person on flowers than single ones.
Luxury gifts
In the days before Valentine's Day there is a rise in the purchase of luxury items, although the trend is downward with respect to previous years (8% during the last five years). According to Bankinter Consumer Finance data, peak expenditure occurs on February 13, with overall consumption 174% higher than February's daily average. It is estimated that the average expenditure per person on luxury items on Valentine's Day this year will be 100 euros.
Men are also the ones who spend the most here too, and it is estimated that during the week of Valentine's Day 2020 they will spend over 126 euros on such items, compared to 72 euros for women. The over 60s will consume the most in luxury items, specifically those between 60 and 70, with an average expenditure per person by card of 216.8 euros.
However, one area which has seen a decline is the giving of cosmetic products as presents. It is estimated that the average credit card spend on Valentine's Day in 2020 will be 49 euros.
Expenses in restaurants
There is a 48% increase in average restaurant spending on February 14, compared to a similar day in the rest of the month of February. Men pay 31% more than women and, although married men also spend more money on eating out on this day than single men, the difference is falling sharply: from 20% in 2019 to an expected level of just 5% this year.
Once again it is the more senior citizens who spend the most, with those over 60 paying on average 70 euros to eat with their partners on Valentine’s Day, in other words, 76% more than the group that spends the least, the under 30s, who dedicate an average of 40 euros on a romantic meal out with their partner.
Navarra, the region where people spend the most
There are also notable differences between the various autonomous communities, in how much they spend by credit card to celebrate Valentine's Day. According to Bankinter Consumer Finance data, Navarra is the region which most increases its spending on gifts (some 84% more than the average expenditure on another similar day in February), followed by the Canary Islands (78%) and Valencia (74%).
At the other end of the scale is Asturias, with an increase in spending of just 22%, followed by Castile and Leon (36%), the Balearic Islands and Aragon (with an increase in expenditure of 37% and 38%, respectively).
About Bankinter Consumer Finance
Bankinter Consumer Finance is Bankinter Group's, 100% owned, consumer finance subsidiary. It is one of the financial institutions with the highest growth in the Spanish banking sector in recent years, as a result of following Bankinter's prudent credit risk policy. At the end of 2019, the company had a customer portfolio of 1.4 million, an increase of 8% on a year earlier. Its loan book amounts to 2.41 billion euros, which reflects growth of 21% compared to 2018.