Brits’ £1.6bn Valentine spend

Britons are set to spend more than £1.6 billion on gifts this Valentine’s Day, according to research from online payment provider PayPal.

In the UK, 23 million will be buying gifts this year, spending an average of £71.25 each, PayPal said.

The survey found that, on average, single people plan to spend £72.60 on a present - which is more than those in relationships, who will spend on average £69.90.

A third of us spend between £50 and £99, but one in five of those surveyed intends to spend between £100 and £249 on a Valentine’s present for a partner.

However, 36 per cent of Brits in a relationship do not plan to give any Valentine’s presents.

Cristina Hoole, spokeswoman for PayPal, said: “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.”

Valentine’s Day this year falls on a Thursday, providing a boost to restaurants and bars hoping to see revenues increase as couples choose to go out and celebrate ahead of the weekend.