St. Valentine, the Real Story!!!
Valentine’s Day spending is expected to reach $18.6 billion this year.
On February the 14th most of the Western hemisphere celebrates Saint Valentine Day. The date commemorates the martyrdom of Valentine, the Catholic Church’s saint who, in defiance of emperor Claudius II’s edict forbidding young people to marry, conducted marriage ceremonies for young lovers. His disobedience was severely punished with death by execution which took place on February the 14th 269 AD. Ever since Valentine’s name has been associated with love and friendship. But neither him nor his followers could have ever anticipated the value creating properties of the remembrance.
Valentine’s Day spending is expected to reach $18.6 billion this year. On average, Americans are expected to spend $142.31 this holiday, up from $139.91 last year, according to the National Retail Federation. More than half of those surveyed will purchase candy with flowers the second-most popular option, and about one-third will pay for a special night out including dinner and a movie.
Men have also been known to spend nearly twice as much for Valentine’s Day as women, spending an average of $190.53 compared to women at $96.58. Americans between 35 and 44 years old are most likely to celebrate Valentine’s Day, while less than half of people at least 65 years old will commemorate the occasion.
Valentine Day winners in terms of earnings are Hallmark and American greetings given that cards are the single most popular gift for the date followed by candy and flowers (see annexed chart). 180 million cards will indeed be exchanged this year on Valentine’s Day. Next comes evenings out which is expected to generate $ 4 billion. Jewelry has consistently grow for the last five years and is expected to reach $4.2 billion. Engagement rings represent the bulk ( 67%) of jewelry purchases.
Millennials are expected to over spend the rest of consumers with a per capita of about $231 compared to $ 170 for the rest of consumers. The Luxury goods industry will see a relatively new trend consolidate: short trips for two to celebrate Valentine Day. This new approach to celebration has gone from $1.2 B in 2011 to about $. 3.1 last year and is expected to reach 44 this year.
Airlines and Hotels in particular boutique hotels being also great beneficiaries. Spending on jewelry and romantic getaways this season is expected go up 4.2% and 5.1%, respectively. And next to short trips come spas and new age enhancement destinations which are poised to capture about 4 2 billion worldwide. All in all, the date has more to do with the pleasure of giving than with martyrdom !!