Published on February 7th, 2024 | by Dr. Jerry Doby0
Valentine’s Day: Are You Tired Yet? How Much Do We Spend?
EVERY SINGLE YEAR, we’re inundated with Valentine’s Day ads and pressure from society to break ourselves or go into debt to buy some THINGS based on a celebrated holiday that came from a legendary tragedy. You can find out more on the history of the day on History.com. I like others, not just men, have argued about the history of the day but the one thing we all have in common is that we spend money on this day based on a legend not fully understood, whether it’s a card or a trinket, the marketing efforts by various industries are sometimes maddening. How much money this day generates yearly wherever celebrated is not precisely known so I had to dig in…check my take below.
My bank account and I were interested in seeing how Valentine’s Day affected international economies and how people’s gift-giving habits changed in 2021, 2022, and 2023. We, my wallet, and I found a study by the comparison team at CasinospotFR, who picked the United States and the United Kingdom for this study based on their analysis. Spending on Valentine’s Day presents exceeded $21 billion in the US, demonstrating the holiday’s considerable economic impact. On the other hand, Valentine’s Day gift-giving in the UK reached almost £1 billion.
|US Spending (in billion $)
|UK Spending (in billion £)
|decrease of 19% from 2022
The most frugal Valentine’s Day spenders are younger demographics, according to rigorous research on purchasing trends in the US and the UK.
Global buying practices have been significantly influenced by the epidemic, with an increasing shift towards internet shopping. Valentine’s Day spending averages in the US and the UK in 2021 were $164.76 and £23 respectively, which is less than in previous years, most likely due to pandemic-related limitations, which forced some lifestyle changes world wide.
The tables show how spending has been trending in a different direction with each year that goes by, generating curiosity about what will happen in 2024.
|Average Spending per Person in the USA ($)
|Average Spending per Person in the USA (£)
What are YOUR plans for next week? Are you going to go nutz or chill? Let us know in the comments!