Poundland sells 40,000 rings for Valentine's Day

Value retailer Poundland has sold close to 40,000 engagements rings before Valentine’s Day, the retailer told the BBC.

Costing just one pound, demand has nearly doubled since 2019, with the rings meant to be used as “placeholders” for “real” rings, the companysaid.

Spending on Valentine’s Day soared to 853 millions pounds in 2019, up 7.8 percent on 2018 figures, according to the research firm Savvy. Poundland says its Valentine’s range is its biggest yet, featuring more than 80 products ranging from fragrances to “adults only” gift cards.

38 percent of all UK shoppers plan to get involved in Valentine’s Day celebrations this year with an estimated 113 million pounds to be spent on jewellery, according to Savvy. 52 percent of those planning to celebrate Valentine’s Day will be going online to buy presents this year.

Retail analyst Kate Hardcastle told the BBC events like Valentine’s Day are really important for retailers because they drive customers into shops where they will often make impulse purchases. Retailers have taken notice and invested more heavily in events, extending product ranges and improve the in-store experiences.

Earlier this year Poundland launched a range of engagement rings called Ask Him, a tradition in Leap Year where women can ask men for his hand in marriage.

Article source: BBC; image via Poundland