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.
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Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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