Nigerians defy rising prices to spend 500k on Valentine’s Day

Nigerians are planning to spend more on this year’s Valentine’s Day, defying economic hurdles that have crippled purchasing power and saw prices more than doubled, according to a recent survey by SB Morgen Intel.

The survey revealed that while rising inflation has muted the love celebration over the years, consumer spending is on the rise as Nigerians aged 18 to 65 revealed a growing enthusiasm for the celebration.

According to respondents surveyed across major cities like Lagos, Abuja and Port Harcourt, 85.6 per cent of them plan to celebrate, up from 62.8 per cent in 2024, while those opting out dropped from 37.2 per cent to 14.4 per cent, highlighting increased spending.

Read also: How Valentine’s Day is celebrated around the world

“A third of respondents plan to spend between N51,000 and N100,000, while a quarter intend to spend N10,000 to N50,000,” SBM said in its report entitled “Love in the Air: How Nigerian consumers are driving Valentine’s Day growth in 2025” released on Monday.

“Luxury spending has also increased, with nearly 5 percent planning to spend over N500,000, up from 1.59 percent in 2024,” it added.

SBM Intel attributed the spending surge to increased enthusiasm and rising inflation, which reached 34.8 per cent in December 2024, compared to an average of 9 per cent in 2015.

While inflation is hammering spending power, the survey found that 79.3 per cent of respondents do not feel pressured to overspend, although social media promotions influence purchasing decisions.

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It further revealed that many Nigerians plan their Valentine’s Day celebrations at the last minute, with 35 per cent making arrangements just days before February 14.

“This trend presents opportunities for businesses to leverage flash sales and last-minute promotions,” the report stated.

According to the report, traditional gifts remain popular. Food and perfumes lead preferences, followed by jewellery, roses, watches, and women’s shoes.

“Experiential gifts are also in demand, with restaurants (27%), cinemas (20%), hotels (11%), and local vacations (10%) being top destinations. Shopping preferences are diverse, with department stores (31.8%) and supermarkets (30.3%) being the most popular, followed by online stores (18.4%) and boutiques (17.8%),” SBM Intel said.

“As consumer spending and participation in Valentine’s Day celebrations increase, businesses that adapt to evolving preferences will be well-positioned to benefit from this growing market,” the survey stated.

Valentine’s Day celebrated on February 14th, has become a significant cultural and economic event in Nigeria marked with pending events, gifts, dining and entertainment driving consumer activity.