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SALT LAKE CITY — A day in which couples are expected to pull out all the stops, Valentine’s Day is a day of affection and confections. Whether it be candy, flowers, clothes, diamonds, dinner or that perfectly worded greeting card, Valentine’s Day ranks third – right behind Mother’s Day – in holiday gift spending.
While many people dream of receiving some type of meaningful gift for that once-a-year special occasion, reminders of credit card bills from the winter holidays prominently loom.
According to the National Retail Federation, consumers are expected to spend $18.2 billion — or an average of $136.57 per person — on Valentine’s Day this year. Down from $19.7 billion – or $146.84 – in 2016, the current spending reflects a market correction following almost a decade of increased spending. $85.21 will be spent on a significant other/spouse, $26.59 on other family members such as children or parents, $6.56 on children’s classmates/teachers, $6.51 on friends, $4.27 on co-workers and $4.44 on pets.
The retail trade group reports that 54 percent of Americans will celebrate with their loved ones this year, compared to 63 percent in 2007.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said. “This is one day of the year when millions find a way to show their loved ones they care, regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
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If you’ve ever been accused of excessive frugality for using a coupon on a date, you’re in good company.The day in which we celebrate love and affection — Feb. 14 — hasn’t always been so rosy. Just like Christmas and Hanukkah are more than giving gifts to family and loved ones, so too is Valentine’s Day.
The true romance of the celebration began with the legend of St. Valentine in roughly 270 A.D., as the legend goes. One version of the legend states that St. Valentine was a holy priest who was arrested and imprisoned for marrying Christian couples and for aiding Christians who were being persecuted during the reign of Claudius the Goth (Claudius II).
He was brought to prison and tortured in an attempt to make him renounce his Christian faith. When Valentine tried instead to convert Claudius, he was executed outside the Flaminian Gate on Feb. 14, about the year 270.
While awaiting execution, couples for whom St. Valentine had performed marriages brought flowers and gifts to show their respect and admiration. This led to our modern tradition of showering our “special someone” with gifts.
Tradition indicates that St. Valentine — while imprisoned and awaiting execution — fell in love with and restored the sight of his jailer’s blind daughter. That miracle led to his eventual canonization. Before his execution by beheading, he gave her a note saying, “from your Valentine.” In 496 A.D., Pope Gelasius marked Feb. 14 as a celebration in honor of St. Valentine’s martyrdom.
Although the legend of St. Valentine is a tale of true love that transcends mere sentiment, in modern times it has become more materialistic.
“I show love and affection 365 days a year,” Anthony DiFrancesco of Fort Pierce, Florida, told KSL.com. “Treating loved ones special all year is important, not just on Valentine’s Day.”
According to Shay, consumers — the majority of them men — plan to spend $4.3 billion on jewelry, $3.8 billion on an evening out, $2 billion on flowers, $1.9 billion on clothing, $1.7 billion on candy, $1.4 billion on gift cards/gift certificates and $1 billion on greeting cards. Increasingly popular this year are “gifts of experience” such as concert or sporting event tickets, a gym membership or an outdoor adventure.
“Having been married 42 years with six kids and 13 grandkids, Valentine’s Day is still a special day for me,” Rico Petrocelli of Fort Lauderdale, Florida, told KSL.com. “Being retired, I’m spending a bit less now, but it’s the thought that counts.”
Do you usually do something special to celebrate Valentine's Day? Let us know in the comments.
Bill Lewis is the principal of William E. Lewis Jr. & Associates and host of "The Credit Report with Bill Lewis" — a daily forum for business and financial news, politics, economic trends and issues on AM 740 WSBR in south Florida.
