Valentine’s Day is losing its popularity

Who says romance is dead? Well, quite a few of us it seems.

St. Valentine's Day is losing favour with couples as consumer plan to spend less this year and reject the increasingly commercialized holiday, according to experts.

Recent research from U.K. dating site eHarmony found that 24 percent fewer Britons will celebrate the day of love on February 14th this year compared to 2015.

As a result, eHarmony predicts consumer spending for Valentine's Day will fall by a third, from £1.5 billion ($2.18 billion) last year to just £958 million this year.

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One reason the holiday is becoming less popular is because it is viewed as too commercial.

"Couples are becoming savvy to the commercial side of the season and feel there are too many expectations on what you should/shouldn't do to celebrate their relationship," said Mairead Molloy, founder and CEO of dating agency Berkeley International, to CNBC via email.

"I see more and more couples boycotting the day, and instead of going out for a meal, they opt to avoid the cliché and not celebrate the day at all."

Globally, many countries are choosing to reject what they perceive as a Western holiday and prefer local, traditional holidays. For instance, Romania has a love celebration called Dragobete, which is celebrated on February 24th.

"People are tempted to reject the marketing push of this more, let's say, American holiday and opt for the traditional one," explained Tudor Popa, analyst at Kantar Retail, to CNBC in a phone interview.

Popa also said many consumers are suffering from "event fatigue", with occasions such as Black Friday, Christmas and New Year's Day taking a toll on other holidays.

"Shoppers usually get bombarded more and more with all sorts of campaigns, because retailers aim to keep their traffic level throughout the year", he said.

"We've also noticed that the Valentine's Day event isn't so visible, especially in grocery stores," he added. "There's not such a big effort in terms of merchandising throughout the store, as compared to Halloween, for example."

But while Valentine's Day is waning in some parts of the world, Popa said it's becoming increasingly popular with shoppers in Asia, specifically China and Hong Kong, and is also popular in Germany.

Importantly, Valentine's Day isn't likely to go away completely any time soon.

"Valentine's Day still provides people who find it hard to express themselves throughout the year, with an occasion to show their partner how much they love and care for them, and for this reason I think it will continue to be an important day for many," said Molloy.

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