wjr business beat

WJR Business Beat: Valentine’s Day Spending Rose in 2022 (Episode 361)

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:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!  

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.

Previous Article

Bitcoin Can Build New Bridges to Cryptocurrency for Small Business

Next Article
digital ads

5 Reasons Your Digital Ads Aren't Performing

Related Posts
Read More

WJR Business Beat: Win $10,000 Grant Through Verizon Program (Episode 410)

On today's Business Beat, Jeff provides details of the Verizon Small Business Digital Ready program, including free resources, coaching and $10,000 grants to get your small business up and running. Tune in below for more details:     Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat....
Read More

WJR Business Beat: Business Success Means More Than Making Money (Episode 409)

On today's Business Beat, Jeff Sloan talks with Bob Kratt of Hamilton's Propane about how business success can be measured in more ways than just the bottom line. Tune in to today's Business Beat to learn more:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat....
Read More

Ned Staebler of TechTown and Wayne State University on Challenges to Equitable Economic Growth

The president and CEO of TechTown Detroit and vice president for economic development at Wayne State University, Ned Staebler, talks with Jeff Sloan about the group’s pursuit of equitable growth, funding and access to opportunity for entrepreneurs. He shares success stories, but also explains the significant changes to communities that have to occur to draw...