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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Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
