By Natalia Rueda 
Valentine’s Day, also known as Love and Friendship Day, is a very special date for many people around the world. It is celebrated on February 14 to commemorate love and friendship between couples, friends and family. However, this holiday is not only an opportunity to show affection, but also an important factor in the economy.
Every year on February 14, companies such as Target, Walmart, Marshalls and many others see a significant increase in sales. This day is crucial for these retailers as it marks the beginning of the main shopping season after the holiday season.
During this day, it is common for people to make gifts, trips, romantic dinners and other tokens of love to their loved ones. According to a survey conducted in the United States by the National Retail Federation and Prosper Insights & Analytics, it is estimated that consumers will spend $26 billion on this holiday, demonstrating its importance in the economy.
The survey also suggests that the most popular gifts on this date will be candy, cards, flowers, dinners, jewelry, clothing and gift cards. Americans show great enthusiasm for celebrating this date, with 53% of consumers planning a spend, representing a 1% increase from last year. The age group with the highest percentage of celebrants is 25-34 year olds, with an impressive 62% planning to celebrate with their significant other.
On average, consumers will spend $185.81 on gifts for their loved ones this Valentine’s Day, nearly $8 more than they spent in the past five years. In addition, online shopping is the most popular option for purchasing gifts, with 40% of consumers preferring this mode compared to 35% last year.
But it’s not just couples showing their love and contributing to the economy on this date; there is also a significant percentage (29%) of single people who plan to celebrate Valentine’s Day in some way. Whether it’s indulging in a treat or organizing a get-together with single friends and family, love is unavoidable on this date.
At a time when consumer spending has been uncertain, the increase in record spending on Valentine’s Day is a positive boost to the economy. Despite criticism about the over-commercialization of this holiday, the numbers show that Americans are willing to show their love and support, not only for their loved ones, but also for the economy.
With information from MDZ