$19.6 billion will be spent on Valentine’s Day.
Individual consumers will spend an average of $143.56.
55% of the population will celebrate Valentine’s Day this year.
So reports the National Retail Federation (NRF) in their annual survey of over 7000 consumers.
Why?
Since retail is the nation’s largest private-sector employer at 42 million working Americans or one in four U.S. jobs, the success of this Roman originated holiday has great impact on our GDP. The Roman festival of Lupercalia was always held in mid-February and celebrated the coming of spring so included fertility rites and the pairing off of women with men by lottery. At the end of the 5th century a Pope replaced Lupercalia with St. Valentine’s Day, and it became a day of romance from about the 14th century. Formal valentines appeared in the 1500s with the first commercial valentines in the U.S. in the mid-1800s.
What are People Buying?
Interestingly, while 46% of Valentine’s Day participants buy greeting cards, it only accounts for $894 million of the money spent. Jewelry at $4.7 billion is given by 19% of consumers, an evening out at $3.7 billion by 35%, flowers at $2 billion by 36%, clothing at $1.9 billion or 17%, candy at $1.8 billion or 55% and gift cards or gift certificates at $1.5 billion will be given by 15% of consumers. Is this helping you decide where to spend your money?
Where are People Buying?
When consumers go to buy these products they will do it 35% at department stores, 32% at discount stores, 29% online, 19% specialty stores, 17% florists and 14% at local small businesses. This doesn’t add up to 100% because multiple items are being bought at different locations.
When are People Buying?
Valentine’s Day is a last minute holiday according to digitalcommerce360.com. There is hardly any shopping for Valentine’s Day until February 1 and the peak days for purchase are February 12 and 13. Edison Trends reports that orders through FTD.com, ProFlowers.com and 1800Flowers.com peaked on February 13 with more orders on February 12 and 13 than on the previous five days combined. We give to our loved ones, we just don’t think of it until the last minute.
Who?
Don’t have that special someone to give to? Matchmaking and online dating has become big business with dating services estimated by marketresearch.com to be worth $3.2 billion by 2020. Dating websites are 70% of the industry’s revenue but mobile apps are getting used more often and traditional services like matchmakers and dating coaches are doing well, too.
