February 14, a day to celebrate your romance or lack thereof. Unlike the state of your love affair, data is always consistent. Here is what your consumers are really doing to celebrate the holiday.
Men and Women Have Conflicting Plans
Valentine’s Day is for the guys this year, with 56% of men planning to celebrate while only 54% of women report they will be doing something for the occasion. However, men who will not be celebrating are a little more bitter about it.
Only 28% of men who will not be participating plan to even acknowledge the holiday. However, they might still be spending a decent amount of cash on February 14. Men who won’t be celebrating may report a higher intent to purchase “anti-Valentine’s Day” gifts than women.
Many women report Valentine’s Day 2020 is for the girls. Many who will not be celebrating with a significant other plans to spend the day treating themselves or surrounded by friends.
Valentine’s Day Isn’t for All Ages
Perhaps surprising to many who think Millennials are the target market for the holiday, Boomer’s will be the most involved this age demographic. 62% of those ages 35 – 44 report plans to celebrate. This group will also spend the most, $358.78 being the average expected price on their special day.
Gen Z reports to be the most likely to be their own Valentine this year. 57% percent of those who will not be celebrating with a loved one will still do something for the occasion, about 20% more likely than any other group. It’s all about self-love and friendship for this group who are almost all spending the holiday practicing self-care or hanging out with friends.
Money Can’t Buy Love, or Can it?
The National Retail Federation reports that U.S. consumers are expected to spend $27.4 billion on Valentine’s Day this year. The individual average will be just under $200 for those who choose to celebrate. These numbers show that Americans will be spending $7 billion more on their loved ones this year than they did in 2019.
For those lucky enough to be shelling out $200, surprisingly, all of it isn’t for their significant other. Around $12 is expected to be spent on pets and another $15 on friends, so the price tag on your love is really only about $171.
What’s on the Gift List?
Gone are the days of exchanging corny Valentine’s Day cards as those who report purchasing cards this year have been and appear to continue to decline. Plans to give a loved one a gift card has seen the highest jump this year from 15% to 18% reporting it as their act of romance for the year.
The top gifts women plan to purchase for their significant other is candy or an evening out. While men will opt for flowers and candy. Despite the increase in gift card purchases, this will still rank as the last choice gift for both genders.
The Ideal Date Might be Netflix and Chill
Whether you spend the evening in with friends or significant other, romantic comedies are incredibly likely to be the go-to for a movie night. Google reports that the most searched romantic comedy over the past ten years is “Crazy Rich Asians,” which only released in 2018! Other popular searches included “Silver Linings Playbook” and “Clueless.”
For those opting for a romantic dinner at home, the most searched recipes in the past week have included a lot of baked goods and comfort foods. In the past week, people have been looking up how to make cookies, cakes, cupcakes, breakfast items and pizza.
Whether you spend the night in or out on the town, spend $0 or $300, the data shows Valentine’s Day is a holiday that never fails to capture the heart of consumers.
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