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10 Facts about the Business behind Valentine’s Day

by South University
February 11, 2015 Are you planning to celebrate Valentine’s Day this year? Every February, couples, single friends, fa
Valentine's Day Flowers

Are you planning to celebrate Valentine’s Day this year? 

Every February, couples, friends, families, and school children plan to spend the 14th of the month celebrating love, friendship, and togetherness. In other words, this Saturday, expect restaurants to be packed, roses to reach their annual sky-high prices, and slim pickings in the card aisle of your local drugstore.

Whether you love the holiday or hate it, there’s no denying that Valentine’s Day is big business. Curious how big? Here are 10 things we learned from a January 2015 survey conducted by the National Retail Federation.

1. More people are celebrating than not. Almost 55% of survey respondents said they will partake in Valentine’s Day festivities this year.

2. Men plan to spend more than women. While women expect to spend about $60 on the holiday this year, men are prepared to shell out something closer to $130.

3. Pets are getting love too. Four-legged friends won’t be left out this year, as over 20% of people said they’ll be buying their pet a gift, spending $25 on average.

4. Department stores will attract the biggest crowds. 37% of shoppers plan to purchase gifts at a department store, followed by 35% at a discount store, 25% online, 19% at the florist, 13% at other small businesses, and 12% at a jewelry store.

5. Candy is the most popular gift. 53% of people plan to give candy this year while 51% will also be giving greeting cards. 38% of people will gift flowers, 16% clothing, and 15% gift card/certificate. 35% will have an evening out on the town! This is the first year since at least 2007 that greeting cards haven’t been the most popular gift.

6. People will spend the most on jewelry. Those giving jewelry to their loved ones plan to spend the most, at an average of $172, followed by $90 on clothing, $78 on an evening out, $74 on a gift card/certificate, $42 on flowers, $24 on candy and $15 on greeting cards.

7. Some people who aren’t celebrating still buy gifts. While they’re boycotting the holiday itself, 3% of those not celebrating reported plans to purchase anti-Valentine’s Day gifts.

8. Valentine’s Day is losing some of its luster. While slightly more people are celebrating Valentine’s Day this year than last, the number of people participating in the day has sharply declined from 63% in 2007 to 55% this year.

9. People are spending more than ever. While fewer people are celebrating the day, these people are spending more than ever. In 2007, shoppers only spent an average of $88.17 on the day — nearly $8.50 less than this year’s $96.63 average.

10. Southerners might be the most romantic. More people in the south plan to celebrate Valentine’s Day than any other part of the country.

Tags: holidays business

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