Centuries ago, people started a unique tradition of honoring Saint Valentinus in Rome. Somewhere down the line, the tradition evolved into a festival of love, a celebration of emotions and affection.
Now, in 2019, Valentine’s Day has evolved into one of the biggest shopping days, wherein billions of dollars of products are sold, and gifted.
How big is the economics of love?
Here are five interesting and intriguing facts about the commerce and business of love, all over the world:
Total Spending On Valentine’s Day In The US
As per the National Retail Federation in the US, Americans will spend $20.7 billion this year, Valentine’s Day. This is 6% more than what Americans spent in 2017: $19.6 billion.
This Is What An Average American Will Spend During Valentines’ Day.
As per the survey conducted by NRF, an average American will spend $161.96 during Valentines Day, which is 13% more compared to last year.
This increased spending has been attributed to a stronger economy in the US, and more jobs, which translates to more spending power.
But Fewer Americans Will Celebrate The Festival Of Love
Research tells us that this year, fewer Americans will spend money on Valentines Day. Compared to 55% last year, only 51% of the surveyed Americans said that they will celebrate Valentine’s Day this year. In 2007, 63% of Americans had said that they will celebrate the day of love.
The reasons are unclear as to why the number of people spending money on Valentines Day has decreased, but at the same time, the amount of money spent per person has increased significantly.
$2 Billion Spending On Flowers?
Flowers are the #1 product which are sold in the US, during Valentines Day. As per NRF, Americans will spend $2 billion only on flowers this year. This will be 10% of what Americans will pay for Valentines Day gifts.
And this means that shipping and postal agencies will also experience a rush of orders. UPS will deliver 88 million flowers on Valentines Day, via 514,000 boxes, whose combined weight shall be 88 million pounds!
One more interesting fact: While $2 billion will be spent on flowers, Americans will spend $4.7 billion on jewelry, and $3.5 billion on an evening out, most probably a cozy restaurant.
The business of love is indeed serious.
Sentimental Spending Of Singaporeans Increase
As per research by MasterCard, Singaporeans are now spending more and more on sentimental shopping. Compared to last year, more and more Singaporeans are now doing sentimental shopping on products/services like restaurants, and hotels.
Another fact: As per market research firm YouGov, an average Singaporean will spend S$123 this Valentines Day. This is much higher than expected spending per person in entire Asia, more than even China and Hong Kong.
Valentines Day Spending in Hong Kong Increases
Meanwhile, the Mastercard survey also revealed that average spending per person in Hong Kong has increased by 62% in the last three years. This year, while Singapore is at #1 position in the spending list, China is at #2, and Hong Kong at #3.
Flowers are the #1 product which will be bought in Hong Kong, followed by jewelry and restaurant meals.
Now that is the price you pay for love!