Valentine’s Day will cost consumers £125

Consumers will spend an average of $196 (£125) on Valentine's Day.

This is according to research carried out by American Express, which also discovered that 54 per cent of consumers are planning to purchase gifts for the person they are going on a date with.

Some 29 per cent will opt for flowers, 19 per cent gift cards, 15 per cent will pick up jewellery and 13 per cent are going to buy electronic devices for their significant other.

Those keen to meet someone before the big day could turn to the web.

Sonali Chakravorti, vice-president at American Express – which is the world's largest card issuer by purchase volume – said: "Whether people are planning to get engaged, or just celebrate the holiday with flowers and a night out, consumers are telling us they can open their wallets a little wider for Valentine's day."

When asked, 58 per cent of unmarried men stated they anticipate picking up the bill, but only 39 per cent of ladies expect their male counterparts to pay.

Posted by Mark Wilkins