SAINT VALENTINES DAY AND ITS ECONOMIC EFFECT!
Valentine’s Day celebrated around the world is a time to express love and appreciation to friends, family and significant others. Narrowing down its history, seems to be more difficult and varies from culture to culture.
Following Christmas the January economic lows seem to turn around this holiday of love. Many fail to realize the vast impact this holiday has on retailers, restauranteurs and the economy as a whole. In the US alone spending is expected to exceed $18 billion. The most symbolic displays of affection seem to be:
- Love letters, expressed and exchanged amongst couples in the form of greeting cards ($1 Billion or 190 million greeting cards);
- Heart shaped chocolates and candies ($1.7 Billion);
- 250 million roses are produced for Valentine’s day ($2Billion on flowers); and
- The most popular gift seems to be Jewelry with spending topping $4 Billion
Interestingly enough, this day that began with simple expression of love and affection, with modern marketing and technology, seems to grow larger and larger as each year passes.
Valentine’s Day is reported to be the second largest gold buying event annually next to Indian wedding season. We’ll leave you with some food for thought, does this romantic holiday have a positive impact on the price of gold?