On today’s Business Beat, Jeff explains why the boost in Valentine’s Day spending is significant for businesses both now and in the near future.
Turn in to the Business Beat, below, to learn how much was spent on the holiday:
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Good morning, Paul!
A big couple of days of consumer spending now on the record books. Yesterday, we reported on the significance of Super Bowl Sunday to businesses. And today we’re reporting on the impact of Valentine’s Day.
Now the National Retail Federation predicts that total spending for Valentine’s this year, Paul, could reach $23.9 billion with an individual spend projected at around $175. Now that’s the second highest in the survey’s history, just behind the year 2020, which of course in February 2020, that was pre-pandemic, essentially. That’s when Valentine’s Day total spending reached $27.4 billion, the highest in the history of the holiday.
January data from Google shows that searches for Valentine’s gifts for her were up 300% over last year while searches for him rose around 200%. Not quite sure what that says, but our focus is on business. Shoppers planned to spend over a hundred dollars on gifts up from $88 in 2021. Now it’s good to hear those cash registers ringing, Paul, you see, Valentine’s Day in particular is a holiday which will see more volatility as it relates to where consumer confidence is and consumers’ ability and willingness to spend hard-earned money. Confidence goes down, sales go down as well. Typically seen even more so on Valentine’s Day.
So, whether you’re in a business that participates directly in the flow of spending on Valentine’s Day or not, we can all look to this holiday and the spending for it as a harbinger of where consumer spending is now and where it’s likely headed in the near future.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
