Retailers could be set for a bumper Valentine’s Day, with UK consumers set to splash out in excess of £128 million on gifts, hotels and dining out in the run up to the first shopping peak of 2017.

This is according to the latest figures from Worldpay, which found that Valentine’s Day evening is worth an extra 42 per cent in sales compared to an average night in February. Florists can also expect to see their takings almost treble at this time of year.

The Worldpay data found that spending in the run-up to Valentine’s Day last year increased by nine per cent year-on-year, and expects a similar rise this year.

This is supported by separate data from Mastercard, which found that spending over the Valentine’s Day period has increased by 49 per cent since 2014. The stats showed that the majority of Valentine’s purchases happen during a last-minute dash, with 47.4 million transactions made on February 14th itself over the past three years.

Spending in restaurants has also soared by 102 per cent over the last three years, accounting for three quarters of all transactions during the Valentine’s Day period. A fifth of Valentine’s spending in Europe is completed online, while consumers in Asia-Pacific complete 85 per cent of their purchases in person – despite online sales increasing 81 per cent in the last three years.

However, separate Worldpay figures are warning retailers to prepare for an influx of returns, as the firm processed a 225 per cent year-on-year increase in refunds last year. Clothes proved to be the least appreciated gifts among loved ones, with apparel and footwear accounting for 79 per cent of all refunds on February 17th.

James Frost, chief marketing officer at Worldpay UK, commented: “Our data dispels the belief that we are falling out of love with Valentine’s Day – Brits looking to spoil that ‘special someone’ are spending more than ever before, suggesting that February 14th will retain its crown as the most romantic day of the year.”

Scott Abrahams, senior vice president of business development at Mastercard UK & Ireland, added: “These figures reflect a general trend we are seeing in our data, that consumers value experiences over material goods far much more than in the past. It is a clear sign that this tradition is in no danger of dying out, but it is also a positive indicator for the health of our economy.”

Commenting on the rise of returns over the Valentine’s period, Maria Prados, vice president of global retail and global e-commerce at Worldpay, said: “More than ever we’re seeing consumers move to a culture of returning – particularly among fashion retailers – with people often choosing to buy a variety of gifts in different styles and sizes with the possibility of returning them at a later date. Valentine’s Day can be an extremely busy time of the year. Retailers must also be prepared for the days following the event and get ready to process more refunds than usual.”

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