Love may not cost a thing, but a lot of people would willingly spend a great deal of money to show their love. One such occasion when people go all out to show their love for their partners, family and friends is Valentine’s Day. As one would expect, many people become more romantic during this day, so surprising their significant others with store-bought gifts or with romantic (and expensive) dinners has become customary. Among the most popular gifts bought for this day are gold jewelry such as rings, earrings and necklaces, and flower bouquets. Special candle-lit dinners in luxurious restaurants and sweets like chocolate and candy are also among the top gifts people give to their partners.
Because of this tradition, businesses take advantage of this occasion too, as many people pull out all the stops financially to make the day romantic and perfect. Restaurants, cafes, flower shops, jewelry stores, clothing shops, confectioneries and greeting card makers consider this occasion a big money maker.
Here are 10 financial facts you may or may not know about Valentine’s Day, according to the US National Retail Federation’s 2012 Valentine’s Day Consumer Intentions and Actions survey:
1 – The average consumer will spend $126.03 on the following things for the object of his affection during this occasion: gifts (sweets, flowers or jewelry), entertainment (amusement park, cinema or art gallery), and a special dinner.
2 – Eight out of 10 women expect their partners to give them gifts on this special occasion. Men won’t need to break the bank though, as these women will be happy with a gift under $55.
3 – Although women are believed to be more emotional than men, it is the latter who will spend twice as much as women will on this day. Men will spend an average of $168.74 while women will spend an average of $85.76. They will spend it on jewelry, clothing and greeting cards.
4 – One of the most popular gifts – however cliché – every Valentine’s Day is still the greeting card. This may be attributed to the fact that people can easily send out cards to their family members and friends to show their gratitude, and is much more economical compared to giving gifts.
5 – However, traditional people still give flowers. Sales of flowers will soar during this event, as 36 percent of celebrators will buy flowers to give to their loved ones.
6 – Sales of sweets will increase on this day, reaching $1.5 billion. However, sales of candy on this occasion will be $500 million less than total candy sales during the previous Halloween.
7 – Although pricey compared to other gift ideas, jewelry is among the top gift choices. Romantics will choose to give their steady partners gold jewelry like engagement rings, bands, pearl necklaces, heart-pendant necklaces and diamond rings. Total sales for jewelry will reach $4.1 billion.
8 – One out of five consumers will do their gift hunting online. This may be due to the hassle-free experience of online shopping. Coincidentally, the NRF survey also states that some consumers will search everywhere to find the perfect gift for their significant other. Some online shops are known to carry items that aren’t readily available in mainstream stores or malls, so some shoppers flock online to get these items.
9 – Furry friends will also feel the love on this occasion, as several owners will pamper their pets with treats and pet care services. The average pet owner is expected to spend $4.52.
10 – Sales of typical gift items aren’t the only ones that increase, as sales of contraceptives will also increase by 20 to 30 percent on this day.
Now, if you’re on the giving side during this event, you might want to do a credit check first to ensure that you won’t be broke after this day. You’d want to give something special and make the day unforgettable for your special someone, but you also have to think about your financial standing. It’s ideal to check your credit after making a major purchase (like after buying gold jewelry). Doing a regular credit check is also good so that you can spot and correct mistakes in your personal information and track activities in your credit report.
Valentine’s Day is a great occasion to show how much you care for a person, but it’s important to keep in mind that this is just one occasion to show it. It’s also essential to remember that you don’t have to spend big – if at all – to show your partner how much you love them.