This Week’s Paycheck Will Go To Valentine’s Day
You may think that Valentine’s Day is the day that lovers look forward, but it’s retailors who are rejoicing. According to Reuters, 59 percent of adults say they will celebrate Valentine’s Day this year, and the National Retail Federation estimates Americans will spend about $18 billion in celebration. But where does the money go? The average guy will spend about $168 on the day, while women will most likely to spend half of that. The majority of people will buy a greeting card, candy and flowers. It’s no surprise that florists say Valentine’s Day is one of their biggest money drivers of the year–almost 200 million roses will be sold. Still, the floral industry can’t touch the sales made in jewelry. “Our sales jump about 200 percent around Valentine’s Day, and — tough economic climate or not — they’ve grown in both quantity and average price over the past three years,” Josh Holland, the spokesman for Blue Nile online jewelry told Reuters. He sees big sales for necklaces, earrings, diamond eternity rings and diamond studs, with some customers spending as much as $25,000. According to Holland, last year one person bought a $240,000 5.2 carat diamond set in platinum for his lucky Valentine. Most people also spend their Valentine’s Day eating out. The restaurant industry makes about $3.6 billion for the night. Scott Jampol, the senior director of the reservation service OpenTable, tells Reuters that two-thirds of couples will spend more than $100 on dinner and about 10 percent will spend more than $200. Las Vegas, Miami and New York will see the most restaurant diners on the special day. “To me, the best kind of Valentine’s gift is giving someone their favorite things, not going over the top with something extravagant that is impractical and they might not even like,” registered nurse J Lucy Boyd said to Reuters. She plans to buy her husband a $5 card and prepare a steak dinner that’ll run her about $25. In return, her husband will take her to lunch for her all-time favorite meal—Chinese food. “It’s the little things, not the big ones, that make for a lasting happy relationship,” she said. How much do you plan to spend on Valentine’s Day and how much do you hope your date spends on you?