Valentine's Day spending in the United States is expected to reach nearly $26 billion, according to the National Retail Federation. This surge in consumer spending could potentially boost the U.S. economy. However, there are concerns about high inflation and a recent dip in retail sales, which could be seen as warning signs for the economy [a344931c].
On Valentine's Day, men in Lincoln, Nebraska, often wait until the last minute to buy flowers and gifts. Flower shops, including Petal Creations and grocery stores like Hy-Vee, experience a surge in sales as men come in late in the afternoon expecting custom-made flower arrangements to be made on the spot and delivered. The procrastination may be due to societal pressure or forgetfulness. The price point and shelf life of flowers and chocolates also play a role in the decision-making process. WalletHub estimates that U.S. consumers spend over $25.8 billion on Valentine's Day each year, making it the nation's third-priciest holiday. Despite the initial scoff, most men eventually participate in Valentine's Day, even if it's in the 11th hour. Some women have created pressure for men to participate, while others have forgotten the date. Flower arrangements start at $75, while artisan chocolate gifts can be as low as $3. The procrastination may be attributed to the thrill of last-minute shopping and the picking over of what's left. The article also provides a brief history of Valentine's Day and its commercialization [947547e0].
Valentine's Day is a last-minute affair for many Americans. In the past two years, nearly half of U.S. spending on Valentine's Day flowers, candy, and cards occurred between Feb. 11 and Feb. 14. Walmart and Kroger see the majority of their Valentine's Day sales on Feb. 13 and 14. Americans are expected to spend a collective $25.8 billion on Valentine's Day this year, with candy being the most popular gift. Procrastination is part of the holiday tradition, with Walgreens selling 44% of its Valentine's candy and 56% of its Valentine's cards on Feb. 13 and 14. Delivery companies like Uber Eats see a peak in flower orders on Valentine's Day. Procrastination can make it tough for businesses to keep customers satisfied. The commercialization of Valentine's Day began in the mid-1800s, and today Americans spend nearly $200 per household on the holiday. Candy and greeting cards are the most popular gifts, but there is also an increase in spending on children's classmates and teachers. Procrastination is attributed to fatigue, fear of failing, and buying the wrong gift. However, experts advise not to procrastinate when it comes to expressing love [9ae79f6c].
Meanwhile, in Agawam, Rebecca Sadlowski, owner of Rooted Flowers, is excited and nervous about offering flowers for Valentine's Day for the first time. Rooted Flowers is a roadside flower stand and farm that provides fresh, locally grown flowers from bulbs and seeds. Sadlowski hopes that customers will show up and support her business. This expansion of locally grown flower offerings aligns with the growing trend of consumers seeking out locally sourced products. By providing fresh flowers grown in the community, Rooted Flowers aims to attract customers who value supporting local businesses and sustainable practices. This new venture for Rooted Flowers adds diversity to the floral market in Agawam and offers customers an alternative to traditional retail stores. With Valentine's Day being one of the busiest times for florists, Sadlowski sees this as an opportunity to establish her business and build a loyal customer base. She hopes that her unique offering will resonate with customers and set Rooted Flowers apart from the competition [653e06e5].
The Valentine's Day season poses challenges for El Paso florist Miriam Meneses, who is grappling with the fluctuating economy and inflation. Customers are opting to purchase flowers from retail stores rather than investing in higher quality flowers from Meneses. As a result, she has had to scale back her business and operate from home. Meneses imports premium quality roses from Ecuador, but the risks associated with importing from foreign countries have added to her challenges. Despite these obstacles, Meneses takes pride in differentiating her product through unique designs and packaging. To ensure a smooth operation, Meneses will temporarily relocate her business until February 15th. She urges couples not to forget about Valentine's Day and encourages them to buy flowers for their loved ones.
Valentine's Day is a thriving economic phenomenon in the United States, with American businesses bringing the holiday to life. The National Retail Federation (NRF) predicts that 53% of consumers plan to celebrate Valentine's Day, with $25.8 billion expected to be spent on the holiday this year. Candy accounts for 57% of Valentine's Day spending, with 92% of Americans planning to purchase candy, including 58 million pounds of chocolate. The Valentine's Day season represents about $4 billion in confectionery sales each year. Flowers are also integral to the holiday, with U.S. florists preparing around 198 million roses for Valentine's Day. The National Restaurant Association projects that 60 million adults will go out to a restaurant for a special Valentine's Day meal, and 35 million adults are expected to order takeout or delivery. The jewelry and clothing industries also see an uptick in sales, with projected spending of $6.4 billion and $3 billion, respectively. Overall, Valentine's Day provides economic opportunities for businesses of all sizes.
The 2023 holiday shopping season is expected to be unique, just like the previous seasons during the pandemic. Despite challenges, holiday sales in 2020 increased by 9.1% YoY, with a significant shift to online shopping. In 2021, sales grew by a record rate of 12.7% due to rising demand and overcoming supply chain bottlenecks. In 2022, holiday sales rose by 5.4% as savings from the pandemic provided a buffer against inflation. National Retail Federation Chief Economist Jack Kleinhenz predicts that for the 2023 holiday season, there will be record spending and forecasts a 3-4% increase in retail sales compared to 2022, reaching between $957.3 billion and $966.6 billion. This growth rate is consistent with the average annual increase from 2010 to 2019. Despite concerns about inflation and high interest rates, consumer spending has remained strong, and consumers are in a relatively solid financial position, with savings still supporting spending. The consumer sector has shown resilience, with spending increasing due to wage and job growth. However, there has been a shift in spending from goods to services, which could impact holiday retail sales. Consumers prioritize holiday spending and may reduce purchases earlier in the year to ensure they can spend during the holiday season. Overall, Kleinhenz expects the recent rhythm of spending to continue into the holiday season, with consumers managing their finances amid higher interest rates and monthly obligations.
According to PNC's annual Christmas Price Index (CPI), the cost of purchasing all the items mentioned in the song 'The Twelve Days of Christmas' has increased this year. The total cost for all the gifts is estimated to be over $46,000, which is a 3.2% increase compared to last year. However, the increase is lower than the previous year's 10.5% increase. The PNC CPI is a lighthearted take on the Bureau of Labor Statistics' CPI and measures the change in prices for the gifts mentioned in the song. Some gifts saw no price increase this year, while others experienced jumps. Despite rising prices, wage growth is higher than the PNC CPI, which is good news for consumers. Shopping online also comes with a higher price tag, with a 4.8% increase compared to last year. The overall inflation trends have remained consistent over the years, although there are differences in methodology between the PNC CPI and the BLS CPI.
Valentine's Day spending in 2023 reached an estimated $25.9 billion, according to Jewel360. This holiday is one of the busiest for florists and confectioners. Spending on friends, co-workers, and pets has increased over time. There has also been a rise in spending for children's classmates and teachers. The day of the week can impact Valentine's Day spending, with Tuesdays being an excellent day for florists. Inflation has affected the floral industry, with wholesale prices for roses rising by 50%. The commercialization of Valentine's Day began in the mid-1800s, and today there are more options for candy, flowers, and jewelry. Companies like Cadbury and Hallmark have played a significant role in the commercialization of the holiday. The origins of Valentine's Day are uncertain, but it may have roots in an ancient Roman fertility celebration. Geoffrey Chaucer connected romance and chivalry to Valentine's Day through his poetic works. The article also mentions the longest economic expansion on record in the U.S. in 2019 and the strong economy and higher wages that contributed to lavish spending on Valentine's Day.
On Valentine's Day 2024, singles should revisit their budget, trim unnecessary expenses, and consider setting up automatic transfers to savings or investment accounts. They should also prioritize financial goal-setting, track spending, invest in financial education, grow their side hustle, create multiple income streams, and protect their financial future through insurance and retirement planning.
Valentine's Day 2024 is approaching and the article suggests budget-friendly gift ideas for partners. These include handwritten love letters, homemade treats, DIY coupon books, memory jars, curated playlists, indoor picnics, romantic movie nights, and gifting plants or flowers. The article emphasizes the importance of thoughtful gestures and personalization in celebrating Valentine's Day without breaking the bank.
Another article on increasing daily step count provides tips such as taking the stairs, walking or cycling for errands, setting reminders to move, parking farther away, walking during phone calls, engaging in active pursuits during breaks, and using a fitness tracker to monitor progress.