Roses are red, violets are blue. Is it a day of romance, or retailers’ dream come true?
There is no denying that the 14th of February continues to attract great celebrations of love while businesses can embrace a healthy sales opportunity.
Last year, the Australian Retailers Association estimated Australians to have spent AUD$791.4 million on gifts and experiences. Australians are estimated to spend $42.3 million on just dining out on the day.
In terms of dollars spent, Valentine’s Day is the third-largest retail holiday in Australia (behind Christmas Eve and Boxing Day).
It is no wonder there is increasing pressure for people to spend on lavish gifts and elaborate dates.
So what does Valentine’s Day mean to you? It may be a well-deserved weekend away, a surprise gift or a cozy homemade dinner. It is a day meant for celebrations spent with a significant person in your life.
Rather often than not, it is a hallmark of love for people to express their feelings in the form of gift-giving and taking on new experiences.
We will spend an extra $70 on that grand bouquet or save a day’s pay to eat out at an expensive 5-star restaurant that we normally wouldn’t. All in the name of love.
This form of expression, however, could easily put monetary value on our idea of love. But can we still understand the reason why we celebrate affection and admiration for one another, if it can be easily commercialized?
On average, research finds that consumers will spend about $86 and more on their partners on this day.
An Australian Retailers Association analyst says that because Valentine’s Day will fall on a Saturday this year, there is better chance that people will organise an out-of-town trip or a long weekend.
This also increases consumer incentive to spend in stores and to splurge on items they wouldn’t normally buy for their partners and themselves.
Though this day presents itself as good news for our economy and a boost in business revenue, it is hard not to ask what is the true meaning behind a day dedicated to love. Perhaps, the day could best be spent taking a scenic walk with your significant partner or a day-off at the beach with family and friends.
Forget the overpriced teddy bear that she doesn’t need. Forget the over-rated restaurant experience he won’t remember.
Why put a price on love when it should be about the person with whom you are celebrating the day.