Survey: Cost of living putting pressure on romance

The rising cost of living and increasing inflation are having a huge impact on the love lives of many this year, causing a love deficit across the country.

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Romance often comes with a price, with 25% blaming their lack of celebrations on the increased cost of living.

The cost of gifts has risen by 11%* in the last year, with flowers and chocolates taking a bigger chunk out of people’s budgets.

Many couples are feeling the pinch, following Christmas spending and forking out for winter heating bills.

With a romantic three course meal setting couples back £60 on average**, nearly half (49%) are choosing to completely ban the romantic holiday, labelling it as a scam.

Cash-strapped romantics are instead opting for DIY date night, with 56% choosing to spend the evening at home.

There are plenty of ways to show your devotion for a partner without breaking the bank. Budget-friendly celebrations include cooking a homemade meal, an at-home movie night, and personal handmade gifts.

Greg Wilson, Founder and CEO of price comparison site Quotezone.co.uk said: “Love is struggling to be in the air for many couples this year, as many are unable to stretch their budgets to cover romantic luxuries.

“Over the past two years we have seen the cost of living and rise of inflation impact household items, monthly bills and weekly food shops. Now, money that may have previously been set aside for date nights is being used towards essential bills and food.

“This year, the romantic holiday is a grim reminder for many of their stretched budgets. One in four shared they are choosing not to celebrate due to the cost and financial pressures, which isn’t surprising when we see the cost of gifts have increased by over ten percent in 2023.

“Our research found 56% of people are opting for a DIY date this year with budget-friendly options. It can also help for couples to revisit their household budget regularly and see where they can shave off waste and find additional cash they didn’t know they had – it’s important to make sure direct debits don’t auto-renew without giving you the chance to hunt around for savings.”

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Survey – Quotezone.co.uk’s findings are based on a randomised survey of 1,200 respondents across the UK during January 2024, which represents a margin of error of approximately 5% at a 95% confidence level.

Have you sold your car in the last year and given up driving?

Yes
5%

No
93%

Not applicable
2%

If yes, why?

I needed the extra money
32%

The car was costing more than it was worth
11%

I could no longer afford car payments
3%

It needed repairs that I couldn’t afford
8%

I don’t need it as much any more / I do less mileage
11%

I can’t afford the spike in insurance
15%

Not applicable
20%

Have you put learning to drive on hold because of financial uncertainty?

Yes
4%

No
52%

Not applicable
44%

Do you think Valentine’s Day is a scam?

Yes
47%

No
43%

Not applicable
10%

Do you take part in any aspect of Valentine’s Day?

Yes
40%

No
55%

Not applicable
6%

How much more does going out on Valentine’s Day cost you compared to a normal night out?

Under £25 more
18%

Over £25 more
23%

Over £50 more
16%

Over £75 more
5%

Over £100 more
10%

No more, costs the same as a normal night
16%

Not applicable
12%

Does cost stop you from celebrating Valentine’s Day?

Yes
26%

No
70%

Not applicable
4%

Will you be opting for more of a DIY Valentine’s this year eg. homemade dinner and a movie VS night out?

Yes
56%

No
35%

Not applicable
9%

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References:

*https://www.statista.com/statistics/1366527/uk-valentines-day-online-price-changes/

**https://www.numbeo.com/cost-of-living/country_result.jsp?country=United+Kingdom

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

Radiotimes.com is published by Immediate Media Company London Limited, a wholly owned subsidiary of Immediate Media Company Limited. Immediate Media Company London Limited is an Introducer Appointed Representative of Seopa Ltd (trading as Quotezone)