Retailers are banking on a bumper Valentine’s Day today after it was revealed that the average spend on Valentine’s gifts is £92.50.

The British Retail Consortium revealed that £253m would be spent on flowers, £92m on chocolate and £23m on cards.

Kevin Hawkins, director general of the BRC, said: “With tough conditions on the high street, events such as Valentine’s Day are crucial opportunities for retailers to boost trading.”