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According to the National Retail Federation (NRF), Valentine’s Day spending in the United States reached a record high of $27.4 billion in 2020, with consumers shelling out an average of $196.31 on gifts, dining, and other Valentine’s-related expenses. Valentine's Day Is an Economic Engine The holiday is an economic engine for businesses of all types in communities across the country. The National Retail Federation (NRF) estimates that 53% of consumers plan to celebrate Valentine’s Day, and $25.8 billion will be spent on the holiday this year, or about $185.81 per household. This Valentine’s Day, we’ll hear a lot about the economy-boosting powers of the holiday from the usual cast of pundits and media commentators. As an actual economist, however, I can confidently make a more romantic prediction: The annual ritual of treating our beloveds matters more to our social wellbeing than it does to our economy. What are the most purchased Valentine’s Day gifts? Each year, the NRF takes an annual Valentine’s Day Spending Survey to see what consumers plan to purchase for their loved ones. Here are the results for the 2024 survey: Candy (57%) Greeting cards (40%) Flowers (39%) An evening out (32%) Jewelry (22%) Clothing (21%) Valentine’s Day is the fifth largest consumer spending event in the United States after the winter holidays and Mother's Day. People are estimated to have spent $23.9 billion on Valentine's Day in 2022—up from $21.8 billion in 2021 and the second-highest year on record. Additionally, Valentine’s Day spurs economic activity in domains such as dining and hospitality. Many restaurants offer Valentine’s Day specials to entice couples, leading to packed dining venues and increased revenue. In the hospitality sector, romantic getaways and weekend trips stimulate the economy. Not Just Brick and Mortar One of the Valentine's Day categories that is expanding is for pets, friends and co-workers, along with classmates or teachers. According to the survey, between 2010 and 2020, 27% more individuals Roses are nice but money we exalt; Be my Valentine and you get the (gold) vault. (econlife) Our Bottom Line: An Economist’s Valentine Facts. The National Retail Federation tells us that for Valentine’s Day, a typical man will spend $291.15 and a woman, $106.22 Averaging $196.31 for all of us, the total is up 21 percent from last year. Americans celebrating Valentine's Day are expected to spend an average of $192.80 each this year. That's, like, 11 boxes of fun dip packages. Special Series Main Character of the Day With the United States alone expected to spend $1.9 billion on flowers for Valentine’s Day, the economist Alex Tabarrok has released a video on the economics of the red rose. Loading “A rose is a truly global product,” he explains, with producers in Ecuador, Colombia and Kenya all catering to demand in the West for the traditional bouquet. 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Cinema Under the Stars: Valentine’s Edition Whether you’re shopping for your wife of 20 years or your teenager’s first Valentine’s celebration, you’ll find something perfect under $25 (and many under $15!). The best part about these cheap Valentine gifts? They don’t look or feel cheap. Price: $17.99 These Funny Custom Boxers are the perfect Valentine’s Day gift to bring some fun to your boyfriend’s wardrobe. Choose the size and personalize them with your name for an extra special touch. Made from 100% cotton with moisture-wicking prope Cheap Valentines Day Roses - If you are looking for a beautiful bouquet delivered quickly then you need to visit our site. cheap valentine's day, order roses for
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