Every February, restaurant reservations at romantic spots become very scarce, heart-shaped gift boxes of chocolates sell like hotcakes, and the price of a dozen roses seemingly rises along with the stress level of any one who is in a relationship and is looking for that perfect Valentine’s Day gift. According to the National Federation of Retailers, an American will spend $133.91 on average on Valentine’s Day gifts, compared to $130.97 in 2013. However, only 54% of those surveyed will celebrate the holiday—down from 60% in 2013.
With the advent of the internet and smart phones, Valentine’s Day gift giving patterns may be changing. More than 40% of consumers will shop online or use their smart phones to purchase a Valentine’s Day gift. So, gone are the days of men (I say men as a majority of the Valentine’s Day spending, by over half, is done by men) dashing into a florist or jewelry shop to buy whatever is available on the way home from work. This is important, as over half of the women would dump their boyfriends if they did not get something for Valentine’s Day. Even a card would suffice, and Valentine’s Day is the next most popular holiday after Christmas for cards.
However, while the means to purchase Valentine’s Day gifts has changed, the mix of gifts have not changed; it is still cards, candy, flowers, dining, jewelry, or some combination of the above. Gifts of gym memberships or fitness equipment are usually not well received.
Women prefer to receive their gifts in the evening after nice dinners, while men prefer to get their gifts in the morning. With the exception of friends, most people will spend more on their pet for Valentine’s Day than on their coworkers, classmates, and teachers. Condom sales spike by nearly 30% on Valentine’s Day, and the month of March is usually the biggest month in sales of pregnancy tests. This figure is not surprising as 85% of men and women consider sex an important part of Valentine’s Day. Moreover, over 10% of couples get engaged on Valentine’s Day.
While Valentine’s Day retail sales are nearly $20 billion, Christmas retail sales are nearly $270 billion. However, forgetting a gift on Christmas may not have as significant an impact on your romantic relationship as forgetting a gift or getting the wrong type of gift on Valentine’s Day.