Anybody expecting to receive a diamond ring this Valentine’s Day may be sadly disappointed.
According to a survey by insurers Aon, 33 per cent of Brits are cutting back on Valentine’s spending as the economic downturn bites.
A larger proportion of women, 35 per cent, will be cutting back, compared to 27 per cent of men.
And a measly 1 per cent will be buying jewellery this year.
“We were expecting to see lower levels of jewellery purchases this year as a result of the economic climate and the relatively high price of gold forcing up the price of jewellery,” said Aon’s Ben Holroyd-Doveton.
Those in Yorkshire and the North East are most likely to cut back on spending, with Scots expected to be most generous.