Why Small Businesses Love Valentine’s Day (2024)

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Why Small Businesses Love Valentine’s Day? ›

Valentine's Day spending surges

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.

It originated as a Christian feast day honoring a martyr named Valentine, and through later folk traditions it has also become a significant cultural, religious and commercial celebration of romance and love in many regions of the world.

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.

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.

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.

The traditions of Valentine's Day bring strong feelings, both for and against. Do you appreciate a cute tradition? Or do you hold it in contempt as a consumerist scam? Critics have blamed it for upholding a narrow-minded model of relationships as heterosexual and monogamous.

Valentine's Day 14 February. What is Valentine's Day? St Valentine's Day is an annual festival to celebrate romantic love, friendship and admiration. Every year on 14 February people celebrate this day by sending messages of love and affection to partners, family and friends.

Saint Valentine was discovered and imprisoned in a torture-ridden Roman jail, where he fell in love with a mysterious girl (believed to be his prosecutor's daughter). He sent her a love letter signed 'from your Valentine' right before his execution, thus originating the romantic sign-off still widely used today.

How do small businesses compete with larger corporations during Valentine's day? ›

Special Promotions: Small businesses can introduce new product lines or variations tailored to Valentine's Day. For example, bakeries can offer heart-shaped cakes or specialty desserts.

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.

Not only that, Valentine's Day tends to be the most popular day to get engaged. 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.

Just over half of all Americans (51%) say they have celebrated Valentine's Day before and will do so again this year. Women are more likely than men in the US (55% vs. 46%) to say this. Nearly three in ten Americans (29%) say they've celebrated Valentine's Day before but will skip it this year.

Candy: As the saying goes, “Candy for the win!” It comes as no surprise that candy tops the list, with 57% of people purchasing sweets for their loved ones on Valentine's Day. Chocolates, in particular, are a timeless classic and a symbol of romance.

Set your sights on the right target

On Valentine's Day, men are the big spenders – in fact, men spend about twice as much as women on Valentine's gifts. For many brands and advertisers, it might well be worth creating a campaign focusing on a male audience. Also, the typical Valentine's day shopper tends to be younger.

Teachers receive the most Valentine's Day cards

According to an array of different sources, teachers receive the most Valentine's Day cards. This is then followed by children, mothers, wives and pets who are placed within the top five.

In This Together. Touching and hugs can remind the brain of familiar feelings of comfort and affection, for both the giver and the receiver. Among couples, this can lead to stronger bonds and more positive emotions.

For Valentine's Day 2024, roughly half of surveyed U.S. shoppers said they would buy chocolate or candy as a gift for another, making it the most shopped for Valentine's Day gift. About a third of respondents said they intended to purchase flowers.