Love is expensive. This year, consumers' spending will total $18.2 billion on Valentine's Day, according to the National Retail Federation.
"I love you" is PRICEY.
What The Heck Do People Buy?
The percentage corresponds to the percentage of people that buy the listed item. Most of the money spent is on candy and cards. Well, Hallmark, you did it!
A Commercial Holiday?
Buzzfeed released an article called "16 Legitimate Reasons Why Valentine’s Day Is The Worst." In this article, there are some pretty striking statistics.
"According to the U.S. Trade Census, the total value of fresh-cut roses imported for this year’s V-Day is $354,703,231." Talk about an economy stimulant.
"A dozen long-stemmed red roses can be marked up to $75 around this time of year." This is a basic economic principle: when demand increases, price increases too. A raise in demand is shown as a shift to the right, which therefore leads to an increase in price.
Consumer spending drives 70% of the nation's economy. As far as economic growth is concerned, putting a dollar value on love is working.
Who Is Buying?
Each person celebrating is spending an average of $136.57 each, according to The Balance. As a college student, I'm thinking, "Wow, do you know many Cup of Noodles that could buy me?!" (It's 360 by the way... 360 Cup of Noodles or a Valentine's Day gift... you decide.)
Research conducted by the Harvard Business School revealed that dating men spend way more than married men on Valentine's Day. Both dating men and married men spend more than women, with dating women spending more than married women.
In general, those who are dating spend more than those who are married, and men spend more than women. Hmm.
Whatever you are doing this February 14, I sure hope you have a coupon. Happy Valentine's Day!
