For the Record

Valentine’s Day Is A Holiday Retailers Can Love

By Zadriuna Bridges

Valentine’s Day, Feb. 14, has become the day for love and all things that represent it. We spend our time planning the best dates and gifts, hoping to give our Valentine a perfect day. But how much did that perfect day cost us this year?

According to Business Insider, $20.7 billion is spent annually on gifts for Valentine’s Day. The average spending per person is $160. The National Retail Federation (NRF) reports that nearly $4 billion is spent annually on jewelry, $3.5 billion on outings and dates and nearly $4 billion on flowers and candy.

In recent years, the number of people celebrating Valentine’s Day has begun to drop, according to the NRF. In a 2019  survey,  51 percent of people polled said they celebrate Valentine’s Day compared with 63 percent in 2007, the federation said.

The numbers may be dropping but Valentine’s Day is evolving from simply giving gifts to your significant other to also treating your family and best friends, which changes the dynamic.  Spinoffs such as “Galantine’s Day,” where women get together and celebrate their gal friends, put a twist on the holiday of love.  

According to the American Research Group, shoppers spend an average of $929 on Christmas gifts, which totals nearly $465 billion.  At less than $21 billion a year, Valentine’s Day spending is much less than Christmas, but it is still a huge holiday for retailers, profit-wise.

One shopper, Ayanna Edwards, said, “I believe I spent around $100 for my boyfriend for Valentine’s Day, I think that’s more than enough to spend on this day; any more would be crazy.”

February 22, 2019

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