Valentine's Day, also called Saint Valentine's Day or the Feast of Saint Valentine, is celebrated annually on February 14.
It originated as a Christian feast day honoring Saint Valentine.
Over the years it has also become a significant cultural, religious and commercial celebration of romance and love in many regions all over the world.
What is the Economic impact of Valentine's day celebration.
According to the National Retail Federation(NFR) in 2024 Valentine's Day spending in the United States reached a total of $25.8B that's an average of $185B per person
In the UK spending was expected to exceed £1.3B and in Australia $535M
In the United States consumer spending per day is estimated to be around $14B per day imagine that amount almost doubling up due to the celebrations apart from that commodities like chocolate, flowers and other gift items can experience huge surges in price due to high demand.
Restaurants, bars and jewellery stores are not left behind as they can experience over 50 and up to 300% increase in sales when compared to other regular days.
There will also be an increase in the sale of engagement rings
Online stores like Amazon, also experience a rise in gift orders and this can boost temporary employment opportunities, especially in flower industries, bakeries and delivery services.
However, all this is a short-term boost rather than a long-term sustainable economic drive but every economy needs moments like this once in a while to improve consumer spending. Which leads to short-term economic growth.