Valentine’s Day isn’t just for your partner anymore. The consumer-friendly holiday has always been a good time of year for people looking for ways to display their love. Whether you’re buying for a friend, a child or even yourself one thing is certain, February 14th is good for the economy.
Sorry men, you’re still on the hook
WalletHub estimates Americans spend on average $25.8 billion on Valentine’s Day–related goods and services —and 2024 is expected to be no different. A survey from the personal finance website found that 45% of consumers were likely to spend at least $50 on a gift this year. Unsurprisingly, men are expected to spend twice as much as women, with an expected $6.4 billion going to jewelry alone.
Diet? What diet?
For those not looking to break the bank there’s always chocolate. According to BankRate, last year saw 57% of shoppers purchasing from the candy aisle on Valentine’s Day. Bankrate also found that sweets were the most popular gift in 2023, with experts predicting that trend to continue this year. Sadly, chocolate is seeing a rise in prices due to issues in global cocoa production, particularly in West Africa, where 60% of cocoa production takes place.
You can buy yourself flowers. You can also buy them for someone else.
The National Retail Federation predicts 37% of consumers will turn to roses, lilies, or carnations for loved ones.
But I’m single: What am I supposed to do? (And why have I read this far?)
Don’t assume all businesses are counting you out. Dating services are well aware this is when most people are hoping to swipe right and make that connection. Online dating activity usually spikes around 33% between February 1 and February 14, according to WalletHub, with many looking for a romantic partner as the holiday approaches. And for the dating apps, that spells revenue! The projected global dating service market size is set to reach an astounding $23.8 billion by 2032.
Sign Up for the Need2Know Newsletter
Every weekday we’ll send you the stories you need to start your day with confidence.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
