Valentineâs Day isnât 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 youâre buying for a friend, a child or even yourself one thing is certain, February 14th is good for the economy.Â
Sorry men, youâre still on the hook
WalletHub estimates Americans spend on average $25.8 billion on Valentineâs Dayârelated goods and services âand 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 thereâs always chocolate. According to BankRate, last year saw 57% of shoppers purchasing from the candy aisle on Valentineâs 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.Â
But Iâm single: What am I supposed to do? (And why have I read this far?)
Donât 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.
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