Cianna Hope Reeves
Managing Editor
Discovering creative and thoughtful ways to profess adoration for your significant other on Valentine’s Day does not only come with pressure, it also comes with a price tag.
Valentine’s Day is one of the largest
spending holidays that most Americans celebrate despite a decrease in flourishing relationships.
Valentine’s Day is continuing to receive attention from lovers and those who are single.
According to National Retail Federation (NFR), total spending for the romantic holiday is expected to be $20.7 billion, which is an increase of 6 percent in the previous year’s $19.6 billion.
Based on an annual survey conducted by Prosper Insights and Analytics, individuals stated they would spend an average of $161.96.
Although the total amount spent from 2017 to 2019 has increased, the number of couples celebrating the national holiday is becoming a downward trend.
“The vast majority of Valentine’s Day dollars are still spent on significant others, but there is a big increase this year in consumers spreading love to children, parents, friends and coworkers,” said NRF President and CEO Matthew Shay.
Valentine’s Day customers are also shifting from the traditional method of purchasing chocolates and roses for their significant other.
Today, common gifts include creative candle-lit dinners, room makeovers, and personalized high-end jewelry, just to name a few.
Men have usually been the heavy spenders and they are expected to keep the title as the highest consumers with an average total of $229.54 in 2019—a whopping 20 percent surge from last year’s data.
Meanwhile, the average woman said $100 is the maximum total they would pay when purchasing gifts.
Crystal Jones, a senior political science major from Chicago, Ill., admitted she does not spend excessively like her significant other.
“In previous years, I have gifted my boyfriend with popular PlayStation games, clothes and candy which usually costs $120. Meanwhile, he is the one to splurge by buying me more personalized items, so it would cost around $240. After all, this is a lady’s holiday,” said Jones.
Just over half of Americans will participate in the holiday this year and romantic gifts are becoming more of a demand.
Jewelry is the most popular present exchanged by couples, which will mostly likely be adapted by 20 percent of consumers resulting in a spending total of $4.3 billion.
The second common gift for loved one are a bouquet of flowers—preferably red roses. Given that red resembles romance, red roses have been embraced as a signification of love.
Due to the excessive demand of colored flower arrangements on Valentine’s Day, over 250 million roses are produced for the special day
Chocolate and candy rank as the third item on the list to give your valentine. This is the most traditional way couples profess their love for one another—and the cheapest. Consumers spend $1.7 billion on candy alone.
Lastly, love letters are projected to stay on the scene. Although the decline of sentimental and passionate love notes has been replaced by text messages, couples will exchange 190 million greeting cards during Valentine’s Day, according to the Greeting Card Association.
Among age groups, individuals 30-44 are the largest consumers when Valentine’s Day approaches, spending around $280, followed by those 25-34 at $240.
Department stores are the most common shopping destination, whether it is for their partner, family, friend or themselves.
“Valentine’s Day means different things for different people,” said Phil Rist, Prosper vice president of strategy.
He continued, “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it is an important day for those who choose to participate.”
If you were not told today, Happy Valentine’s Day from The Blue & White Flash!
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