Ask any merchant if they consider Valentine’s Day as a holiday and most would agree the ‘day’ a has become very lucrative and the spending increases year after year according to the latest numbers.
We are all familiar with the items I’ll call the staples of the holiday. Flowers, chocolate candy, cards, singing telegrams and don’t forget about the jewelry. And if you follow the money, you’ll notice fewer people spending money on Valentine’s Day. Yet those who are spending are spending a heck of a lot more based on the latest demographics. The National Retailers Association says there are fewer people celebrating the Day of Love, yet those couples who continue to keep the tradition alive are spending more money than the love birds from previous years.
Historically, 55% of adults plan to participate in one way or another compared to 45% who have no plans to spend any amount of money on Valentine’s Day. Those who are spending money on the day will dish out just under $200 at $196.92. The nation merchants are coming off a strong Christmas sales season, and are excited with the upbeat forecast.
There are three trends on how to celebrate (or not) Valentine’s Day according to NRF. The first trend is from the group who are ‘so over it’. In 2009 72 % of adults 18-34 and 65% of those 35-54 plan to celebrate the holiday. A flash poll conducted a few years ago indicated this group either lost interest or doesn’t have a spouse or partner to celebrate.
The second group is the young (under the age of 35) who may plan to celebrate Valentine’s Day, but they’ll do it their way and on their schedule. Pretty much on their terms. They may celebrate with a former friend and will keep their expectations simple.
Those who are celebrating Valentine’s Day are spending more money than in years pasts. Imagine this, you have fewer people celebrating the holiday and each one of them is spending more money on gifts than is years past and the revenue continues to rise.
And some of the spendings continues to go to traditional gifts such as candy, cards, and flowers. More and more love birds are spending money on experiences for Valentine’s Day. Some of those experiences include trips, excursions, classes to learn a new craft.
You don’t need someone special in your life to have a great Valentine’s Day. You are special. If you don’t have a special person in your life this Valentine’s Day, look in the mirror. You are special! Go do something you will enjoy. Happy Valentine’s Day!