Last week we observed Valentine’s Day. Perhaps you celebrated because your business is doing well. Maybe you celebrated because you had someone to shower with candy and flowers. Either way, a lot of money changes hands on this 600-year-old novelty holiday. Americans spent a whopping $30 billion dollars celebrating the day of love.
The biggest benefactors of Valentine’s Day are merchants. Many of these merchants are in specific industries that Chosen Payments services. This includes restaurants, bars, jewelry stores, limo services, hotels, and pet supply companies. You read that right: 3% of Americans by Valentine’s gifts for their pets.
Of course, merchants offering candy, cards, and flowers had the biggest sales. 75% of all flowers purchased were bought by men. Did you know that heart-shaped candy boxes have been sold for 140 years? According to Hallmark Greeting Cards, shoppers purchased 144 million Valentine’s greeting cards. This figure doesn’t account for classroom-distributed Valentine’s Day cards. The tradition of exchanging Valentine’s cards in the classroom brings the total closer to one billion Valentine’s cards shared.
Valentine’s is clearly a big money day in America and knowing the demographics of who spent money this year can help you plan for next year. 53% of all Americans participated in some way. Breaking it down further, Gen Y (born in the 80s and 90s) were the biggest fans with 63% of all Gen Y people spending money. 57% of all Gen X people (born in the 60s and 70s) spent money. Baby Boomers (born in the 40s through 1964) seem to have fallen out of love with the holiday with only 39% participating. Based on the trend of Gen Y and Gen X, the participation of Valentine’s Day is expected to rise to 64% by 2029. There’s your defined target market, based upon current trends.
Oddly, 43 million people or 17% of all Valentine’s gift recipients didn’t want their gifts. They didn’t appreciate the person who gave them the gift. We think they probably ate the chocolate anyway.