Nicholas Molinari
Associate Manager, Tax and Economic Policy, U.S. Chamber of Commerce
Rachel Ledbetter
Senior Manager, Communications and Strategy, U.S. Chamber of Commerce
Published
February 13, 2024
Fill me in: From family-run flower farms in Washington state to small business chocolate makers in Arkansas, American businesses bring to life this special day for families, couples, and galantines across the country.
Economic impact: Valentine’s Day is much more than cards and sweets — it is a time for Americans to show the special people in their lives how much they mean to them, and it is brought to consumers by American businesses.
As kids begin to write and seal their Valentine's cards and couples make dining reservations, businesses are in full swing to provide Americans with the perfect gift or experience to make the day special.
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.
Top Valentine spending: Unsurprisingly, chocolates and other candies reign supreme on Valentine’s Day, with candy accounting for a whopping 57% of Valentine’s Day spending.
- The National Confectioners Association tells the Chamber that 92% of Americans plan to purchase candy for Valentine’s Day this year, including 58 million pounds of chocolate — one of the holiday’s most popular candies.
- Overall, the Valentine’s Day season represents about $4 billion in confectionery sales each year.
Whether bought from the local florist, flower delivery service, or neighborhood grocery store, flowers remain integral to the Valentine’s Day holiday.
- The Society of American Florists reports 250 million roses alone are prepared by U.S. florists for Valentine’s Day,with Cupid’s holiday being the number one holiday for florists and for floral purchases.
Restaurants and Retail See Uptick on Valentine's Day
Dining out also represents a larger portion of consumer spending on Valentine’s Day.
- The National Restaurant Association tells the Chamber they project 60 million adults will go out to a restaurant for a special Valentine’s Day meal this year.
- In addition, 35 million adults are expected to order takeout or delivery from a restaurant for a special Valentine’s Day meal at home, consisting of either the full meal or parts of the meal.
- Looking for last-minute deals? The National Restaurant Association reports nearly 40% of Americans celebrate Valentine’s Day after the fact to get a better deal, so look for restaurants offering deals and specials a few days after Feb. 14.
Retail also sees an uptick around Valentine’s Day, including the jewelry and clothing industries, which plan to see record spending of $6.4 billion and $3 billion in sales this holiday, respectively.
Chocolate Chocolate in Washington, D.C. has provided customers with Valentine's Day sweets and gifts since 1984, growing into a beloved shop in the nation's capital.
- From their first Valentine's Day in 1984 to today, the foot traffic the shop receives each year is a testament to the shop's dedication to crafting personalized treats and gifts for everyone who walks through their doors.
- “We want to stay small because we want to be there,” said Ginger Park, who co-owns Chocolate Chocolate with her sister, Frances. “I own the business but I’m also packing boxes behind the counter because it’s what I love to do.”
Big Picture
All this spending adds up to economic opportunities for businesses of all sizes. Using survey data from NRF, the Chamber calculated the economic impact of Valentine’s Day in more than 300 metropolitan areas across the country. See the potential impact in your area.
How is your city impacted?
Using data from the National Retail Federation, the Chamber has calculated how much consumers will spend in all 386 U.S. metro areas. Track spending in our searchable database.
Bottom line: On Valentine's Day, Cupid's arrows aren't just piercing hearts — they're also spiking economic activity. As families and lovebirds embrace the spirit of the day, industries from chocolate makers to retailers feel the love, reminding us that even Cupid knows the value of a good business deal.
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About the authors
Nicholas Molinari
Nicholas Molinari is an associate manager for the Tax and Economic policy teams at the U.S. Chamber of Commerce.
Read more
Rachel Ledbetter
Rachel Ledbetter is a senior manager for communications and strategy at the U.S. Chamber of Commerce.
Read more
FAQs
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.
Why is Valentine's Day important for business? ›
Valentine's Day spending surges
The Valentine's Day spending trend shows consistent growth, making it an attractive opportunity for small businesses to capitalize on. Whether it's gifts, dining, or experiences, people are willing to spend more to make their loved ones feel special during Valentine's Day.
When and how did Valentine's Day become commercialized and a way for businesses to make money? ›
While the practice of gifting your Valentine greeting cards was a centuries-long tradition in England, where the holiday was birthed, it was not until Valentine's Day was "rejuvenated" stateside in the mid-19th century that it saw its commercial boom, according to the Library of Congress.
How much revenue did US businesses earn from Valentine's Day in recent years? ›
Valentine's Day spending in the US was expected to reach approximately $26 billion in 2023, marking a significant increase of about $2 billion from the previous year, or an 8.37% year-over-year (YoY) increase.
What industries benefit from Valentine's day? ›
For example, many small businesses specialize in customizable gifts that tend to be ideal for holidays like Valentine's Day. “Mom-and-pop restaurants, local flower shops and small jewelry stores are the ones that really benefit from this holiday,” said Mamun.
What three economic principles are illustrated by Valentine's day? ›
Before getting into the specifics, there are three economic principles that are illustrated by Valentine's Day:
- The importance of free markets and wealth creation.
- The logic of gift giving and signaling.
- The seen and the unseen.
Jewelry companies also profit well during the Valentine's Day season. Jewelry is one of the most common categories of gifts given around the holiday. Some popular jewelry retailers during Valentine's Day are Tiffany & Co., Mejuri, Blue Nile and Kay Jewelers. Many also choose Valentine's Day to pop the question.
How do you think businesses large and small benefit from Valentine's day? ›
Increased Sales: Valentine's Day is among the most popular gift-giving occasions on the calendar. Small businesses in sectors such as retail and e-commerce can capitalize on this by offering special promotions, discounts, and themed products or services to attract customers.
Why is Valentine's day beneficial? ›
Valentine's Day is an opportunity to show affection or celebrate romance with cards, flowers, and candy. It's a good day for sweethearts, but it can also be a reminder of how expressions of love and caring may benefit the body.
What is the dark truth about Valentine's day? ›
One Valentine was a priest in third-century Rome who defied Emperor Claudius II after the ruler outlawed marriage for young men. St. Valentine would perform marriages in secret for young lovers, ultimately leading to his death.
Valentine's Day marketing is an important aspect of a business's yearly marketing strategy, especially in 2024. This day dedicated to love and affection is a prime opportunity for businesses to reach out to their audience and show appreciation for their customers.
Who spends more money on Valentine's day? ›
Spending differs by gender and age. Men spend more on Valentine's Day ($200+), while women usually spend less. Millennials are the biggest spenders, with those in that age group planning to spend around $300 on the holiday.
How does Valentine's Day help the economy? ›
In 2023, Valentine's Day had US consumers spending $26 billion, marking an impressive 8.37% surge from the previous year. Interestingly, there's a noticeable uptick in non-romantic gifts, with $7.1 billion allocated for presents targeting teachers and co-workers, with 32% of consumers splurging on their pets.
What business is most dependent on Valentine's Day? ›
Florists
Valentine's Day is one of the busiest days of the year for florists, with bouquets a popular gift option. There are many ways to start a floristry business, from a small stall selling single roses to a website with a wide range of bouquet choices.
How big is the Valentine's Day market? ›
The Business of Love
Guess what the week-long celebrations mean for the commercial side of love? The market size of ₹1,200 crore in 2007 grew to a whopping ₹18,000 crore in 2015. In 2023, Indians spent an estimated ₹30,000 crore on Valentine's Day.
What are the benefits of Valentine's Day? ›
Celebrating Valentine's Day can have positive psychological effects. The act of expressing love and affection releases feel-good hormones, such as oxytocin, dopamine, and serotonin, which contribute to emotional well-being.
How does Valentine's Day affect the stock market? ›
Cupid is no help, it appears, when it comes to stock-market performance on Valentine's Day. The S&P 500 is up 41.7% of the time on Valentine's Day, with an average gain of 0.62%, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
How does Valentine's Day affect the world? ›
As businesses worldwide leverage this celebration to boost their revenue streams and consumers express their affection through various customs and traditions, this holiday's economic impact continues to resonate globally.
How profitable is Valentine's Day? ›
Money may not be able to buy you love, but Americans really do like to spend it on their loved ones for Valentine's Day. Spending on the annual lover's day is expected to reach a record $14.2 billion in 2024, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
Nicholas Molinari 
Rachel Ledbetter 