Valentine’s Day (or Hallmark day as some cynics call it!) is a multi-billion euro worldwide business... let’s take a closer look.
It’s true, people across the world celebrate Valentine's Day to show how much they love that special someone in their lives. However, that’s not the only reason behind the spending that happens around the 14th Feb!
Valentine’s Day (or Hallmark day as some cynics call it!) is a multi-billion euro worldwide business but let’s take a closer look at how people are spending their Valentine’s euros, pound, dollars etc… and why we celebrate this day the way we do in the first place.
Here’s some research to consider regarding Valentine’s Day spending:
One-quarter of men spend because they feel obligated or are just trying to get lucky. According to a survey conducted roughly half of men say they celebrate Valentine’s Day in order to “spend quality time with my partner.” However, nearly one-quarter of men admit that they mark Valentine’s Day out of a sense of obligation or “because they’re hoping to get lucky.” Meanwhile, 13% of women say they celebrate just “because everyone else does.”
The longer the relationship, and the older you get, the less you spend. They say that love lasts forever, but the chances of spending big on Valentine’s day gifts decreases the longer couples are together. Some polls that we read showed that men spend an average of €130 on fiancés, versus €100 for wives (not the same man!) and another hints that those looking to get engaged or recently married outspend all other age groups.
Also, those in long lasting relationships are less likely to make Valentine Celebration plans far out in advance. 50% of those that are together just a few years prepare at least a month out for their Valentines celebrations!
20% of women buy Valentines gifts for themselves.
There is also a huge amount of money spend on Valentines gifts for … wait for it… pets!
It’s not just your imagination. Flowers really do get more expensive around Valentine’s Day. This is not just down to the florist ‘making hay while the sun shines’, but wholesale prices increase too. It may well boil down to supply and demand but flowers cost more for Valentine’s Day because people are willing to pay more.
It was around the 1850’s when it became popular to send mass-produced chocolates and Valentine’s messages. One entrepreneur we have to thank for this is Richard Cadbury, a member of the famous chocolate-making family that perfected the bite-sized delectable then known as “eating chocolate.” Cadbury had the brilliant idea of packaging and selling these chocolates in heart-shaped boxes for Valentine’s Day, and the rest as you know now is history.