A Blog by Jonathan Low

 

Feb 14, 2020

Strange Trends In Valentine's Day Spending

Valentine's Day spending on pets and co-workers (?!) has doubled in the past decade. As the Beatles anticipated, "All the lonely people..." JL


The Hustle reports:

The National Retail Federation says expected spending on Valentine’s Day is up to $196.31 per lovebird this year. That’s up 21% from last year. Spouses and significant others are still expected to see Cupid’s share of that spending — 52%. But a decade ago, it was 61%.  The shares of Valentine’s Day spending on coworkers (7%) and pets (6%) have both doubled in the last decade (from 3% each). That translates to more than $1.5B for each group.
Attention, procrastinating lovers: You’ve got one day left before Valentine’s Day is here, and then your time to shop for flowers and candy is up.
If you do decide to play along with one of our most cloying traditions, you won’t be alone. The National Retail Federation says expected spending on Valentine’s Day is taking off — up to $196.31 per lovebird this year. That’s up 21% from last year.

But something weird is happening

Spouses and significant others are still expected to see Cupid’s share of that spending — 52%. But that’s a much smaller chunk of the chocolate box than it used to be. A decade ago, it was 61%.
Where’s the rest of the money going? To your coworkers (why??) — and your furry friends.
  • The NRF says the shares of Valentine’s Day spending on coworkers (7%) and pets (6%) have both doubled in the last decade (from 3% each). 
  • That translates to more than $1.5B for each group.
Here’s what gift-givers are buying:
  • Jewelry is still king — Valentine’s day shoppers will spend $5.8B on it.
  • They’ll also spend $2.3B on stems. 1-800-Flowers.com expects to sell 18.5m flowers, 11m of which will be roses.
  • Another $2.4B will go toward candy.
Speaking of candy — for fans of Sweethearts, the classic confection stamped with mini messages like BE MINE, this year’s holiday is bittersweet.

That’s because their original maker got dumped 

Necco went out of business in 2018. Their new manufacturer — Spangler Candy, famous for Dum Dums lollipops — couldn’t get them back on the shelves in time for Valentine’s Day 2019.
HuffPost found that the beloved treats are indeed back this year — but without many of the sayings that made them so famous in the first place. Spangler blamed the chalky taste of silent disappointment on printer troubles.

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