Consumers are set to splash the cash in the run-up to Valentine’s Day, new research shows.

According to a study carried out by PayPal, the average Briton is due to “push the boat out” when it comes to buying presents for February 14th as they spend some 71 pounds 25 pence – around 15 per cent of their weekly salary. It was revealed that a total of 23 million consumers are currently arranging treats for their significant others as they look to spend a typical 69 pounds 90 pence, while the firm went on to point out that Americans in a relationship spend 47 pounds 08 pence. Meanwhile, those who are officially single will spend 76 pounds 20 pence. Overall, such expenditure is to total 1.6 billion pounds.

Findings from the online payment provider also showed that one in three (33 per cent) consumers will spend between 50 pounds and 99 pounds, with 44 per cent of 18 to 24-year-olds looking to stump up this amount. Meanwhile, just over a fifth are set to splash out between 100 pounds and 249 pounds. It was also revealed that the highest spenders are either people between the ages of 25 and 34 or single men. On the other hand, the study indicated that just over a third (36 per cent) of those Britons in a relationship do not plan to give any presents on Valentine’s Day.

Those looking for a competitive way to fund expenditure over the Valentine’s Day period may find that taking out a quick loan could be advisable.

Analysing the figures, Cristina Hoole, spokesperson for PayPal, stated: “It would seem that romance is far from dead as almost half of Brits will be splashing out a massive 1.6 billion pounds on their loved ones this week. With Christmas only a few weeks behind us, millions will be hitting the shops en masse, however one in five of us will choose to head online and avoid the crowds. Shopping online is not only often more convenient, but if you get it delivered to work then you’ll be able to keep the secret right up to the last minute.”

Meanwhile, a quarter of British men are shown to be likely to do their February 14th shopping online, with Americans less expected to use the internet to make a purchase. Further findings from PayPal showed that about one out of ten men are hoping to receive gadgets, such as iPhones and iPods, for Valentine’s Day.

For those consumers who are really looking to treat their heart’s desire next week, whether it is through a romantic short break or lavish jewellery, applying for a quick personal loan could be of assistance. However, budding Romeos who are set to propose marriage on this Valentine’s Day might wish to consider also taking out a UK loan to help pay for the numerous costs that a wedding entails. Last year, research carried out by Wedding Guide UK indicated that the average reception costs 4,250 pounds, with the typical bridal dress worth 700 pounds. Pointing towards other expenses such as rings, hiring a venue and food, F&C Investments pointed out that getting wed is “a very expensive business”.

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