If you have someone special in your life that you’re thinking about buying something for on Valentine’s Day, or your significant other has high expectations for a great gift, you’re not alone! This year, the spending numbers for Valentine’s Day are huge and lots of lovebirds are expected to partake in this classic holiday to show their appreciation for the ones they care about.
Valentine’s Day is a huge spending holiday this season, and according to the National Retail Federation, over 50% of all consumers are predicted to buy something to celebrate this day and each will spend over $143 for that special someone, which in comparison to last year has increased from $136 each although 55% of Americans celebrated.
The grand total of all expenditures for Valentine’s Day is expected to reach the 2nd highest spending in history of $19.6 billion right behind total purchases of $19.7 billion in 2016. While last year, consumers spent only $18.2 billion. With these numbers, Valentine’s Day is the 4th largest retail holiday with Christmas, the back-to-school season, and Mother’s Day as the top three. The Christmas and back-to-school season this past year weren’t quite as record breaking as they have been in the past, but that isn’t the case for this year’s Valentine’s Day shopping expenditures.
In terms of what consumers are purchasing the most, it’s just as you’d expect it. Flowers of course come at the top of the list, as 1 in 4 Valentine’s Day consumers will purchase them with 40% being the classic red (or white!) roses. The flower industry will definitely be booming during this year with Valentine’s Day as their largest holiday.
The iconic flowers and chocolates combination will always be a great idea. This year, 50% of consumers will purchase candy and a whopping 36 million heart-shaped boxes are expected to be swooped off the shelves and hopefully can swoop the recipient of them off their feet!
What better way to express love than with a few words? Another 50% of consumers will purchase Valentine’s Day cards, making these holiday card purchases number 2, only to Christmas. Surprisingly, 85% of these cards are bought by women.
Those who are looking to splurge for their loved ones will turn to jewelry, which 1 in 5 people are expected to. The diamonds sold on Valentine’s Day account for 9% of them all.
For other people, a nice experience is all they need as 1 in 3 people go out to dinner on Valentine’s Day and/or go see a movie. For restaurants, Valentine’s Day is their second busiest day of the year, with Mother’s Day sitting in the number one seat.
Valentine’s Day spending is at an all-time high this year, and if you’re going to partake in this holiday’s purchasing traditions, you could be one of the many that are contributing to the retail success of this holiday, which in turn could lead to the success of making someone in your life, very happy!
These retail facts prove that Valentine’s Day is full of chocolates, flowers, and cards, but there are also some shocking things you may never would have guessed about this romantic holiday. Here are some MORE fun facts about Valentine’s Day to get you in the spirit!
1. Almost half of all marriage proposals happen on Valentine’s Day. If you want the big announcement to come as a surprise to your significant other, you might want to consider choosing a different day especially if they’re expecting you to pop the question any day now.
2. 1 in 5 consumers buy for their pets, they deserve a little bit of the love and affection from their owners that surrounds this special day too!
3. Men outspend women 2 to 1.
4. Women have high expectations for Valentine’s Day! 50% of all women in a relationship say that if they don’t receive a Valentine’s Day gift, the relationship is over. That has the potential to get lots of significant others to get out there and search for the perfect gift before the clock on Valentine’s Day and potentially their relationship runs out.
5. Move over chocolates and flowers, the top three Valentine’s Day gifts a person will receive are: a vacation, money, and intimacy. We’ve got some big spenders in the top three spots here, it looks like the flowers may need to accompany a plane ticket out of the country this year!
Although Valentine’s Day revolves around love and care for another person, there are a few unfortunate facts that can spoil some of the romantic feels surrounding this holiday.
1. 25% of all men who purchase Valentine’s Day gifts are doing so because of 2 main reasons: they feel pressured or obligated to OR are just trying to get lucky. Hopefully this isn’t the case for your gift, but unfortunately Valentine’s Day may include some of these bad intentions.
2. Valentine’s Day eventually becomes less of importance the longer your relationship is, as couples who have been together for a significant amount of time spend less money on each other. At this point in the relationship, the only expression of love you need is each other!
3. Watch out for those roses! Their prices significantly increase on Valentine’s Day to take advantage of their largest purchasing day of the year.
4. Surprisingly, Valentine’s Day has been a retail oriented holiday from the beginning. It was established by two business-minded visionaries. Richard and George Cadbury, of Cadbury chocolates and a woman who was selling lacy heart cards. The Cadbury’s first introduced chocolates as a genius marketing scheme by making them appear as symbol of love. The company website even says “Looking for something special for your Valentine this year? Nothing says ‘I love you’ quite like a box of Valentines Chocolates from Cadbury!”
Those are just a few fun facts to get you thinking about Valentine’s Day and the ones you love the most. Tell us what you think! Are you partaking in this romantic holiday’s festivities this year? Let us know!
Check out our other post on tips for how to save money this Valentine’s Day!