Sweet spending: Retailers cash in on Valentine’s Day
Published Wednesday, February 12, 2014 6:00AM PST Last Updated Wednesday, February 12, 2014 6:44PM PST
How much do you plan to spend on your sweetheart for Valentine’s Day this year?
American Express says men on average will spend $254, while women will spend on average half as much: around $125.
When you add it all up, spending on Valentine’s Day is expected to hit $37-billion in 2014 alone.
The big spend habits have many retailers finding creative ways to cash in on the holiday.
Florists will tell you nothing says “I love you” quite like a rose. A total of 224 million roses will be grown for the special day. Jewelry is another hot item for lovebirds, with $4.4-billion spent on diamonds, gold and silver this year.
But the most popular gift for Valentine’s Day is candy: $1.5-billion worth will be sold by February 14th.
If you really want to impress your sweetheart, the Sutton Place Hotel in downtown Vancouver is offering the ultimate in luxury: a once-in-a-lifetime Valentine’s experience worth $500,000.
"We decided to look at what we've had guests request our concierge do for them around Valentine’s Day or on special occasions. We took all of those components and put them into one package," said Kyle Matheson, director of sales and marketing at The Sutton Place Hotel.
The package includes a night in the presidential suite, a bottle of Dom Perignon, a six course candlelit dinner prepared by a private chef, a $100,000 shopping spree at Holt Renfrew, $50,000 worth of diamonds and fine jewelry, and to top it off, a new Maserati. All this can be yours for a mere half-a-million dollars.
Those who are single can also participate in the holiday: 14 per cent of single women who participated in a recent survey said they will send themselves flowers this year.
The holiday also bears a lot of weight for those in a relationship. Approximately six million people are either expecting or planning a proposal this February 14th and a whopping 53 per cent of women said they will end their relationship if they don’t receive a gift.