Back-to-Back – Valentine’s Day Economy
Just yesterday, we discussed the economics of the Big Game, one of the biggest days in America. Although the day is often filled with hate towards the opposing team, it is followed up with one of the most love-filled holidays in the country: Valentine’s Day. Whether you show love to a significant other, a friend, or your family, it is one of those non-federal holidays that everyone enjoys. This is furthered by the economics of the holiday, with some very interesting statistics being provided.
Data once again from the National Retail Federation explains that Valentine’s Day is the fifth largest spending event in the calendar year, falling just short of the holiday season and Mother’s Day. In 2022, people spent $23.9 billion on the holiday, the second highest in recorded history, and that number could be surpassed today with many expecting around $26 billion in spending. However, this Valentine’s Day comes in with the stamp of inflation, a specific example being the favorite gift of a rose. Rose farmers have dealt with increased costs due to supply chain issues, and as a result prices have risen from the producer all the way to the retail store. Consumers have said that they will take the inflationary environment into consideration when making purchases, but the fact that spending is increasing this year is likely a good sign.
Overall, it looks as if local economies are going to get a double boost from the Big Game and Valentine’s Day taking place only 48 hours apart. Keep an eye out for Valentine’s Day stocks like Hershey’s, or if you are feeling a bit luxurious, Signet Jewelers!
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
