Valentine’s day spending expected to skyrocket in the U.S., reaching $27.5 billion

As Valentine‍‍`s Day approaches, love is not only in the air but also in the wallets of people across the United States. 

This year, Americans are expected to spend an astonishing $27.5 billion on gifts for their loved ones, including everything from flowers and jewelry to chocolates and more. 

When converted to Bangladeshi currency, this amounts to a whopping 3.35 trillion taka.

According to recent estimates, about 56% of consumers in the U.S. are gearing up to celebrate Valentine‍‍`s Day, with the average household spending approximately $188.81 for the occasion.

The National Retail Federation (NRF) has made these forecasts, while the U.S. Chamber of Commerce has shared similar insights on its website, highlighting the economic impact of this celebration.

To put this into perspective, the expected spending on Valentine’s Day this year is equivalent to around 42% of Bangladesh‍‍`s national budget for the current fiscal year. 

For the fiscal year 2024-25, Bangladesh’s total budget stands at 7.97 trillion taka.

Valentine‍‍`s Day has now become much more than a day for couples—it’s a tradition where people, whether they’re in romantic relationships or not, exchange gifts with their loved ones, including family members and close friends. 

In the West, this day has turned into a festive occasion, almost like a mini-holiday. 

The usual gifts include flowers, jewelry, and chocolates, but some people even go all out, gifting luxury cars or expensive trips to their significant others. 

Restaurants and hotels also benefit from this celebration as people enjoy special meals and getaways, contributing even more to the economy.

This year, Valentine‍‍`s Day falls on Friday, February 14th, and excitement has already spread across Western countries. 

Since the 1990s, the celebration has gained popularity in Bangladesh as well.

Breaking Down U.S. Valentine’s Day Spending

As Valentine’s Day draws near, U.S. businesses are already ramping up to meet the demand. The Society of American Florists has reported that florists are preparing an incredible 250 million flowers this year. 

Candies and chocolates are also a big hit, with 56% of Americans planning to buy sweet treats for their loved ones.

A survey conducted by WalletHub, a U.S.-based market research company, suggests that this year’s Valentine’s Day could see around 6 million Americans popping the big question. 

In fact, 36% of Americans believe that proposing on Valentine’s Day is one of the most romantic gestures.

Interestingly, the love isn’t just limited to people. 

Many Americans are also planning to buy gifts for their pets, including their beloved dogs and cats. 

According to a report from Capital One Shopping, last year Americans spent $1.5 billion on pet gifts for Valentine’s Day, which translates to around 18,500 crore taka in Bangladeshi currency. 

On average, dog owners spent $31.24 on gifts for their pets, while cat owners splurged about $27.42.

Restaurants also see a significant boost in business on Valentine’s Day as many people prefer to celebrate with a special meal.

However, since Valentine‍‍`s Day falls on a Friday this year, there is expected to be an increase in takeout orders. 

Last year, takeout sales surged by 46% on Valentine‍‍`s Day, and a similar trend is anticipated this year.

With all the spending, gifts, and proposals, Valentine’s Day continues to be one of the most celebrated and economically impactful holidays in the U.S.