This infographic breaks down the cost of Valentine's Day in the United States. From personal finance community MoneyTips, 'You Can't Put a Price on Love... But Valentine's Day Costs Plenty' looks at how much Americans spent on February 14th, 2014. If last year is any indication, the multi-billion dollar holiday will make bank in a big way again this weekend.
The cost of Valentine's Day last year was nearly $17.3 billion. $1.6 billion of that was spend specifically on chocolate or candy. In 2012 the average man spent $168.74 on romantic gifts, where as the average woman spent $85.76. The amount changes depending on what part of the country the person is from and their age.
Romantic Finance Charts
This Infographic Analyzes the Huge Cost of Valentine's Day in America
Trend Themes
1. Increasing Valentine's Day Spending - As the cost of Valentine's Day continues to rise, there is an opportunity for businesses to capitalize on this trend by offering innovative and personalized gift options.
2. Growing Demand for Romantic Experiences - Consumers are increasingly seeking unique and memorable experiences for Valentine's Day, presenting an opportunity for businesses to offer experiential gifts and services.
3. Gender-specific Spending Patterns - The difference in spending between men and women on Valentine's Day suggests a potential market for gender-targeted products and marketing campaigns.
Industry Implications
1. Retail - Retailers can leverage the increasing Valentine's Day spending by offering a wide range of romantic gift options and promotions.
2. Hospitality and Tourism - The growing demand for romantic experiences opens up opportunities for hotels, resorts, and travel companies to create special Valentine's Day packages and promotions.
3. E-commerce - E-commerce platforms can tap into the gender-specific spending patterns by curating personalized gift recommendations based on the recipient's gender and preferences.