A new report by SBM Intelligence has shown that Nigerians are set to increase their spending this Valentine’s Day, with nearly 80 per cent of consumers planning to buy food and perfumes
The report, titled “Love in the Air: How Nigerian Consumers Are Driving Valentine’s Day Growth in 2025”, highlights shifting spending patterns, rising budgets, and a growing preference for experience-based celebrations.
The report said almost 80 per cent of consumers plan to spend their money on food and perfumes, while the rest, 28.2 per cent; 23.9 per cent; 23.4 per cent; 22.8 per cent; 22.3 per cent; 18 per cent; and 10 per cent, will spend on jewellery, roses, watches, female shoes, wigs, chocolates, hampers, and smartphones, respectively.
According to the findings, many Nigerians still value sentimental and practical gifts, with food and personal care items topping the list.
The report also found that while material gifts remain dominant, there is a growing preference for experiences such as dining and entertainment, as more people seek to make Valentine’s Day celebrations memorable beyond tangible presents.
The SBM survey which was conducted across three major Nigerian cities Abuja, Lagos, and Port Harcourt—shows a sharp rise in participation, with 85.6 per cent of respondents stating that they plan to celebrate the day, up from 62.8 per cent in 2024.
The increase in participation is driving higher spending, with 33 per cent of consumers setting aside between N51,000 and N100,000 for the celebration.
High-end spending has also surged, with the number of people budgeting over N500,000 nearly tripling, compared to last year.
Despite economic challenges, discretionary spending on Valentine’s Day continues to expand, with only 14.4 per cent of respondents opting out of celebrations this year.
This represents a sharp decline from the 37.2 per cent who did not celebrate in 2024.
While economic pressures persist, the report suggests that consumer spending remains strong, particularly in key retail categories.
Retail channels are evolving, with department stores and shopping malls remaining the most preferred destinations for Valentine’s Day purchases.
The report shows that 31.8 per cent of respondents plan to shop in department stores, while 30.3 per cent prefer supermarkets.
Online shopping is also gaining traction, with 18.4 per cent of consumers opting for e-commerce platforms, while 17.8 per cent will buy from boutiques.
The growing reliance on online shopping highlights the increasing influence of e-commerce, particularly among younger consumers who prioritise convenience and competitive pricing.
With more Nigerians embracing digital platforms, retailers with strong online presence and seamless payment options are likely to attract a larger share of Valentine’s Day shoppers.
Beyond gift purchases, many consumers are opting for experience-driven celebrations, with restaurants emerging as the most popular destination.
The report indicates that 27 per cent of respondents plan to dine out on Valentine’s Day, while 20 per cent will visit cinemas.
Hotels and local vacation spots are also gaining popularity, with 11 per cent and 10 per cent of respondents respectively planning to celebrate in these locations.
Street food joints and beach outings are also appealing options, with 9 per cent and 6.1 per cent of respondents considering them for their Valentine’s Day plans.
While only 3.4 per cent plan to travel abroad, the report notes that financial constraints play a role in limiting international travel. Meanwhile, parties, clubs, and art galleries remain niche options, attracting a smaller segment of consumers.
The shift towards experiential spending suggests that businesses in the hospitality, entertainment, and travel industries stand to benefit significantly.
With more people prioritising quality time and shared experiences, restaurants, cinemas, and resorts are likely to see an increase in demand.
Personal sentiments remain the primary driver of Valentine’s Day spending, with 36.6 per cent of respondents stating that emotions influence their purchasing decisions.
Social media trends also play a significant role, shaping the buying habits of 25.3 per cent of consumers.
While tradition and societal expectations account for 19.9 per cent of spending motivations, advertising and promotional campaigns influence 16.7 per cent of buyers.
Despite the increase in spending, the report reveals that most consumers do not feel pressured to overspend. Approximately 79.3 per cent of respondents indicated that societal expectations do not influence their purchasing decisions.
However, discounts and promotional offers remain effective in driving purchases, as 58.5 per cent of respondents said they are more likely to spend when presented with deals and special offers.
While many Nigerians plan to celebrate Valentine’s Day, a significant number tend to make last-minute purchases.
The report shows that 35 per cent of respondents plan just a few days before the event, while 30.9 per cent prepare one to two weeks in advance.
Meanwhile, 17.6 per cent wait until the same day to finalise their purchases and plans.
The trend of last-minute shopping presents an opportunity for retailers to leverage flash sales and quick-delivery services to cater to spontaneous buyers.
With a large proportion of consumers making decisions at the eleventh hour, businesses that offer convenience and attractive promotions stand to gain.
While most consumers are focused on practical and sentimental gifts, a significant number express a desire for luxury experiences.
If financial constraints were not a factor, 31 per cent of respondents said they would prefer to travel internationally with their partners.
Others would opt for entertainment and recreational activities, while a smaller percentage favour fine dining at high-end restaurants.
The report further notes that general vacations, hotel and resort stays, and domestic travel within Nigeria are among the most aspirational experiences for consumers.
These insights suggest that there is an untapped market for premium services and travel-related offerings, particularly among high-income earners who prioritise unique and memorable experiences.
The increase in Valentine’s Day spending is expected to provide a boost to the retail, hospitality, and entertainment industries.
Businesses can take advantage of this seasonal surge by offering strategic promotions and tailored marketing campaigns.
According to the report, retailers stand to gain by introducing bundle deals, such as flower and chocolate packages or dinner and movie discounts.
E-commerce platforms should also enhance their online shopping experiences, ensuring seamless transactions and flexible payment options to attract digital-savvy consumers.
Additionally, businesses that offer early-bird discounts and flash sales are likely to capture both advance planners and last-minute buyers.
