Valentine’s Day is the holiday for love. It is the day that you buy flowers, chocolates, cards, stuffed animals, and fancy dinners for the special someone in your life. Whether you love the holiday or don’t plan to celebrate, Valentine’s Day is a major consumer spending holiday.
Take a look at some of the topics surrounding the most romantic day of the year.
NRF conducted their annual Valentine’s Day consumer spending report and 2020 will set some records. Nationwide spending is expected to hit $27 billion, a 32% increase from 2019. Department stores will be the most popular shopping destination and the highest amount of spending will be on jewelry. The survey also posted a surprising stat – 27% of surveyors said they plan to buy a gift for their pet, the highest figure in the history of the survey.
Price Hikes and Deep Discounts
Valentine’s Day is a day where retailers can capitalize on the supply and demand of certain popular goods. Retailers know that consumers have a deadline for buying gifts, so sales and discounts aren’t common. Flowers see some of the largest price increases, and roses in particular double or triple in price towards the end of January.
While jewelry may be the category with the most spending, prices on jewelry plummet after Valentine’s Day. You can snag discounts of 60% to 80% off rings, earrings, bracelets and other jewelry pieces. Valentine’s themed candy and decorations are also heavily discounted after the 14th. Now is the time to stock up on jewelry purchases for the next year or satisfy your sweet tooth for a fraction of the price.
V-day isn’t all about couples. February 13th has been designated Galentine’s Day, a day to celebrate your female friendships. The day is usually celebrated with brunch, pink decorations, desserts and all things girly. Many retailers including Nordstrom, Target and Walmart are stocking merchandise specifically for this day.
Restaurants, Get Ready!
More people are starting to opt for experiences or spending time together rather than an extravagant gift, which is why Valentine’s Day is the 2nd busiest day of the year for restaurants. With Valentine’s Day falling on a Friday this year, restaurants are sure to see large crowds (and a lots of takeout orders for those looking to stay in).