Poundland sells more than 40,000 engagement rings ahead of Valentine’s Day- double last year’s tally

The discount retailer said it had sold almost 40,000 engagement rings ahead of Valentine’s Day this year, nearly double they sold last year.

The £1 “Bling Rings” and “Man Bands” are meant to be used as “placeholders” for proper rings, it said.

But one analyst described such promotions as “increasingly desperate”.

Spending on Valentine’s Day reached around £853m last year, up 7.8% on 2018 figures, according to the research firm Savvy. And unsurprisingly retailers are looking to cash in again this year.

Poundland says its Valentine’s range is its biggest yet, featuring more than 80 products ranging from fragrances to “adults only” gift cards.

And M&S has brought back its heart-shaped “love sausages” and introduced a new “love cucumber”, which can be cut into heart-shaped slices.

Valentine’s Day: A Day of Romance-where did it come from?

Lupercalia survived the initial rise of Christianity but was outlawed—as it was deemed “un-Christian”–at the end of the 5th century, when Pope Gelasius declared February 14 St. Valentine’s Day. It was not until much later, however, that the day became definitively associated with love.

Retail analyst Kate Hardcastle said events like Valentine’s Day are really important for retailers because they drive customers into shops where they will often make impulse purchases.

She said this year’s event would also mark the end of a “long bleak winter” for retailers, many of whom have been struggling with a slowdown on the High Street.

Restaurants, florists and gift card companies are particularly set to benefit, as 14 February can be one of their busiest days of the year.

Interflora, the flower-ordering service, said it will deliver 15 times as many bunches of flowers than on a typical day. That is about three bouquets every second.

Then there’s online table booking platform Quandoo, which has seen a 160% increase in bookings for Valentine’s Day this year, compared to the average Friday. However, it also expects more cancellations than usual.

Eco-rage at Poundland ‘gift of nothing’

Analyst Richard Hyman said retailers had long catered to Valentine’s Day, although it is nowhere near as important as events such as Black Friday.

He also feels firms are increasingly overplaying events like Valentine’s Day with “desperate gimmicks” in the hope of attracting consumers’ attention.

“I think as the retail recession takes hold, desperation grows. And the industry is going to be looking for events more and more that they can use as a tool to build a promotion around.