Valentine’s Day is a huge celebration in the United States. Expenditures for it are significantly large. Let’s unlock some of the costs of this lucrative holiday.
Retailers classify Valentine’s Day as a major event. Their 2014 projections show the number of participating adults will decrease by 6.10% this year.
According to the Brand Keys bi-annual Customer Loyalty Engagement Index study in January, 2014, participation is lower than the past several years. However, these celebrants plan to spend more than ever before. That means the holiday will bring in more than the whopping $5.1 Billion spent last year!
That’s a very significant amount of expenditures for a holiday that’s so short-lived. A breakdown of where the bulk of the money goes is $1.7 Billion for flowers and $3.4 Billion on dinners. Figures for gifts and cards are not added in this study. Imagine what it might be if they were.
This year’s projection for the average spending per person is about $133.00. Overall,that's $18.6 Billion. A breakdown of the demographics shows the age group between 18 and 34 will remain the highest spenders at an average of approximately $162.00.
The 35 to 49 year-olds plan to spend an average of around $69.00. The group 50+ will spend an average of about $52.00.
Robert Passikoff, president of Brand Keys, Inc., said, “Gift-giving will be slightly skewed this year as purchases of gift cards have nearly doubled now that they’ve replaced ‘gift certificates’ and have become a more-than-acceptable gift.”
What’s the key to having a meaningful, successful, happy Valentine’s Day?
There are those who spend exorbitant amounts on lavish gifts, flowers, and food. Others spend less than what they can or should. The balance is somewhere in the middle.
If you can be extravagant, there’s a website advertisement where you can buy what’s promised to be the most expensive Valentine’s Dinner. It costs $99,466.00!
Luckily, to ensure everyone’s participation in Valentine’s Day, gift items range from remarkably inexpensive ($3 or less) to exceptionally extravagant. Similarly, cards range from less than $1.00 to $20.00.
It does not take much money or effort to convey, “I love you.” The important thing is that you do it. In this case, the phrase, “It’s not what you spend; it’s the thought that counts,” has never been truer.