So, that day of the year is finally around the corner when friends, families and individuals celebrate love, compassion, and relationships with their loved ones. It is not just another celebration, or simply a special day as one may think it is, but this day has quite a significance when it comes to business and economics, globally. It is a revenue-driving force in many essential sectors across the globe and this blog is a testament to what Valentine's day promises to be - for the gifting industry and anything that connects to it.
From flowers to jewelry, and from teddies to clothing, the numbers speak a different story about the importance of Valentine's day and its impact on economies.
So, let's take a dive into the Valentine day facts and stats along with some eye-catching business statistics:
Valentine's Day Sales - A Dive into the Number Game (USA)
In the US Valentine's Day Scene - In Depth Analysis
Valentine's Day Predictions 2022 - Pandemic, so what?
A 360-Degree Overview Of Valentine's Day
From the Indian's Point Of View - The Growing Significance
Valentine's Day Sales - A Dive into the Number Game (USA)
Here's a list of some of the major Valentine's day consumer insights that is simply interesting to know:
- $21.8 billion - yes, that is what the Americans spent on Valentine's Day 2021.
- $4.1 billion - worth of jewelry was bought by US consumers on the eve of Valentine's Day 2021.
- $164.76 per person - The average amount spent on Valentine's Day per person in 2021.
- $106.22 - The average amount spent by women on Valentine's Day.
- $291.15 - The average amount spent by men on Valentine's Day.
As per the recent Valentines day spending statistics, this year's (2022) Valentine's day spending is expected to reach $23.9 billion.
In the US Valentine's Day Scene - In Depth Analysis
- Americans spent $27.4 billion on Valentine's Day in 2020 which was a huge surge, an increase of 32.36% to be apt, the $20.7 billion spent on the same in 2019 seemed like a smaller and outdated number, thanks to the growing need to display their affection among Americans. The numbers dipped a little to $21.8 bn in 2021.
- An increase in YoY increase in average spending has become a trend over time, on top of a healthy increment in the spending pattern of an average person on the verge of Valentine's Day. The statistics show that there has been a more than 43% increase in the spending pattern from 2017 to 2020, which is quite impressive.
- 52% of the total expenditure was on spouses and partners, a steady 9% decrease in the expenses as compared to the previous year. This reflects a paradigm shift in the mindset of the millennials who are gradually opening up to spending on family and friends as well.
- 1/4th of the US bought something for their beloved pets, which makes up for a very interesting stat and a welcome figure, to top everything else. $1.7 billion was spent on buying gifts for their furry friends, an all-time high in the history of Valentine's day.
- Americans and their love for jewelry and dinner dates were evident in the numbers themselves. $5.8 billion was spent on jewelry, which remained the go-to gifting choice for 21% of the consumers. Over one-third of the Americans who celebrated the day, preferred a dine-out with their loved ones.
- Red roses and candies remained the medium to express love & gratitude for Americans who spent $2.3 billion on flowers and plants that make up a healthy 37% of the total consumers. More than 50% of the total consumers bought candies too, nearing 36 million pounds of chocolate for Valentine's Day.
- Men spent more to buy things for their partners and loved ones and it comes as a no-brainer since that has for long, been the case when we consider the numbers side by side. Men spent $26.05 billion on Valentine's, compared to $23.92 billion spent by women, an 8.90% deficit which could've put them on par with men had they spent more.
Parnas Ghosh
Valentine's Day Predictions 2022 - Pandemic, so what?
- $23.9 billion - yes, you heard it right! 3 out of 4 people involved in this day feel that celebrating this day is important. If you think that they're just saying for the sake of it. NRF predicts that despite everything that the pandemic has spoiled in the US, over 73% of the people think that celebrations are important, courtesy - of the COVID-19 pandemic. The previous year 2021 saw the Americans spending close to $21.8 bn even amidst the pandemic woes and this year it is expected to be somewhere around $23.9 bn, making it the second-highest year on record.
- $11.7 billion - the significant other/spouse will be showered with appreciation, love, and gifts. The prime purpose for the celebrations, they make up more than 50% of the total expenditure.
- $5.2 billion - people in the US will spend upon family members and friends which comes as a welcoming statistic because, at the end of the day, Americans do realize that the day is to show gratitude to anyone you love or admire.
- $4.8 billion - to be spent on children, classmates, teachers, pets, co-workers, and others. The numbers are significant when we compare it to the previous year, which even if low, are important because the world is recovering from the wrath of COVID-19.
- $175.41 is the expected average amount to be spent by the Americans on this Valentine's day 2022. The average amount spent by a single person in America was $164.76 in 2021.
Lakshya Singh
A 360-Degree Overview Of Valentine's Day
- As of now, in the US - Valentine's Day is a $27.4 billion industry, that is promising enough to grow YoY until the COVID-19 pandemic led to the global slowdown that will be reflected this year.
- In Australia, AU$377 million is spent on presents, whereas New Zealanders spend $216 million on Valentine's week shopping.
- Almost 151 million greeting cards are exchanged on the V-Day.
- Red roses, which are considered as the symbol of love and remain extremely popular during Valentine's Day - are grown and sold in large numbers. In 2019, approximately 224 million roses were sold where a dozen of them were priced around $97.22, registering a 2.5% YoY increase.
- Chocolates, cards, and jewelry remain the most sought-after gifts on Valentine's Day.
Parnas Ghosh
From the Indian's Point Of View - The Growing Significance
- INR 30 Crore worth of rose stems were exported from India in 2019.
- E-commerce transactions are expected to stay somewhere around 20-30 Crores for V-Day.
- Women spent 35% more than men, a complete opposite when compared to the US.
- Roses, chocolates, and cards remain popular, in India as well.
- 50% Y-o-Y growth registered in the starter premium segments when it comes to gifting.
- INR 5k-10k is the average amount spent by Indians on the eve of Valentine's Day.
On a final note, Valentine's day holds a special place for consumers and people across the globe owing to the roots of love, compassion, and empathy it vibes for. However, it holds even more importance from an economic point of view since a number of industries are directly or indirectly dependent upon this day for all of their business and revenues. The gifting industry is one of the main industries largely dependent upon this day for their operations and revenues. Despite the pandemic, the V-Day market promises to grow over time, irrespective of the temporary slowdown that we are witnessing nowadays.
Source :- https://startuptalky.com/ Author :- Shruti Jalan Date :- February 10, 2022 at 12:58PM