- Valentine’s Day is a holiday many people love to hate, and fewer people are celebrating it altogether.
- In a recent survey, 51% of Americans said they plan to celebrate it.
- However, Americans are spending more money than ever on Valentine’s Day gifts including candy, jewelry, and flowers for their family, friends, and significant others.
- The average person is expected to spend about $160 on the holiday this year.
Following is a trascript of the video.
Fewer people are celebrating Valentine’s Day, yet we’re spending more than ever on chocolates, flowers, and jewelry.
In a recent survey, 51% of people said they plan to celebrate the holiday. That’s down 4% from last year.
Americans are expected to spend over $20.7 billion on Valentine’s Day in 2019. That’s up 6% from last year.
The National Retail Federation estimates that Americans will spend:
$3.9 billion on jewelry…
$3.5 billion on an evening out…
$2.1 billion on clothing…
$1.9 billion on flowers…
$1.8 billion on candy…
$1.3 billion on gift cards…
and $933 million on greeting cards.
The average person celebrating is expected to spend about $162.
People age 35-44 are the biggest Valentine spenders, averaging $279.14.
People age 25-34 are the second, averaging $239.07.
And Americans can’t forget about their pets. Pet lovers are expected to spend $886 million on their furry companions.
For businesses, that means…$$$$$
US manufacturers will ship over $33 billion worth of Valentine’s day products (as of 2016).
Although Americans love to hate Valentine’s Day, it seems to be great for the economy.
See Also:
- Don’t fall for the hoax: Facebook isn’t restricting your News Feed to 26 friends
- Nutella’s parent company is rolling out a ‘Better Butterfinger’ ad campaign to highlight the candy brand’s massive changes
- Target changed its app after an investigation found prices went up for shoppers using it in stores — but it hasn’t changed the practice
Source: Business Insider