To some, Valentine’s Day represents love and romance, but for local business owners the holiday can mean big bucks.
Whether its flowers, candy, jewelry or a special night out, the average person celebrating Valentine’s Day will spend $142.31 this year, according to a survey by the National Retail Federation (NRF), the world’s largest retail trade association. This is up from $133.91 last year.
Total spending is expected to reach $18.9 billion, a survey high.
The survey found nine in 10 plan to treat their significant others/spouses to something special for the consumer holiday, with plans to spend an average of $87.94 on them, up from $78.09 last year. Additionally, 58.7 percent will spend an average of $26 on other family members and $6 on children’s classmates and teachers. Pets will also receive gifts, averaging at $5, which equates to a whopping $703 million on pint-sized gifts of all varieties.
Discount and department stores will be among the most visited locations for those looking for the perfect Valentine’s Day gift, along with specialty stores and florists. One-quarter said they will shop online and 13.3 percent will shop at a local or small business to find something unique for their loved one.
As usual, it seems women are in for the biggest treat this Valentine’s Day. Men will spend nearly double what women plan to spend, at $190.53 versus $96.58 on average.
Age matters, too. Adults 25 to 34 years old will outspend other age groups at an average of $213.04.
“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise – a good sign for consumer sentiment as we head into 2015,” said NRF President and CEO Matthew Shay in a press release. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”
Most plan to buy candy for the sweet holiday, spending a total of $1.7 billion, according to the survey, which polled 6,375 consumers last month. One local shop, Saratoga Sweets Candy Co., located at 5 Washington St. in Saratoga Springs, can attest to this. Owner Dawn Oesch said Feb. 14 is usually the shop’s busiest day all year, and the day before is the second busiest. She always brings in extra help this time of year, and extends shop hours. “We’ve been busy boxing chocolates and getting things ready for the last two weeks,” she said. “It’s a lot of prep all for like two days of work – but it’s a crazy two days.” With the holiday falling on a weekend this year, Oesch predicts the chaos may shift a few days, with Feb. 12 and 14 being the most profitable.
Oesch and her team have boxed about 275 pounds of chocolates and dipped thousands of strawberries in the past week or so. After chocolate covered strawberries, the most popular sweet this year has been the sea salt caramel truffles. “We can’t keep them in,” she said. “The people love them.”
As far was who’s shopping, men or women, “It’s a little bit of both,” Oesch said.The men are more likely to be last minute shoppers, but they also tend to spend more money.
Outside of romantic couples, parents of Skidmore students sometimes send their kid a treat from the local shop on the holiday, or children come in to choose something special for their crush.
Even though she’s exhausted through it all, “I love Valentine’s Day,” Oesch said. “Everybody is buying something for somebody they love and that’s just the best feeling. To be part of something that shares the love is wonderful.”
For those with less of a sweet tooth, a red rose (or a bunch) will usually satisfy. About 37 percent of shoppers will buy flowers for Valentine’s Day, spending a total of $2.1 billion.
No surprise: “What’s most popular for Valentine’s Day is always roses,” said Connie Stahlman, who’s worked at Felthousen’s Florist for more than 30 years. “I think people identify Valentine’s Day with roses. That is the traditional most favorite flower for Valentine’s Day.” The business, which has locations in Troy, Cohoes and Schenectady, orders between 4,000 and 5,000 roses each year, red being the biggest seller of all the colors.
Like with candy, men are the biggest purchasers, but some women buy flowers for their men, too.
Every year, without fail, “It’s a huge last minute holiday,” Stahlman said. Men don’t tend to prepare as much as women.”
For those who do plan ahead, while some gifts are only appropriate on the holiday, some flower-senders like to have surprise flowers delivered to their sweetheart’s place of work, which will make Friday a big day for Felthousen’s and other florists. The business will staff about and extra 10 drivers between the two days. The majority of those who give flowers usually have them sent, rather than picking them up in the shop, but that may change this year because the holiday is a Saturday, Stahlman predicted.
No matter the case, “It’s always a fun holiday for us,” Stahlman said. As opposed to funeral arrangements, which the florist provides year-round, “It’s a happy occasion.”
Stahlman and her coworkers are always pleased to see that people stick with tradition and send flowers on this now hugely commercial holiday.
But when all else fails to impress your sweetheart, there’s always diamonds and rubies. One in five surveyed said they planned to buy jewelry for the holiday. “Jewelry is always a hit, you can’t go wrong,” said Jim Cook, owner of Romanation Jewelers on Third Street in Troy. When chocolates are eaten and flowers begin to wilt, “This is something that you’ll have forever,” he said.
One of the most exciting parts of the season for any jeweler are selling engagement rings for Valentine’s Day proposals. Romanation Jewelers sold a few this year, Cook said.
For the normal Valentine’s Day gift, however, “Its not like they spend thousands of dollars,” Cook reported. The average holiday shopper will keep it under $300. “You’ve got to keep in mind we just got through Christmas.”
On who’s buying jewelry and when, “It’s definitely the men, and its usually last minute,” Cook said.
This year, the shop has a promotion for $99 that comes with a 24-carat gold trimmed rose, a strand of multicolored freshwater pearls and a small box of chocolate. “It kind of hits all the markets,” Cook said.
In addition to these three staples, most couples also make Valentine’s a night out on the town. More than one third of consumers are treating their sweetie to a night out, spending a total of $3.6 billion on restaurants, movies, and other activities. This often requires proper preparation.
Longfellows restaurant and hotel in Saratoga Springs has been booked up since the first of the month, said owner Yvonne Sinnamon. However, there’s still space available for a new special Valentine’s Day package, which includes a four course prix fixe dinner in the courtyard, a bottle of champagne or wine and live entertainment by Garland Nelson for $175 per couple plus tax and gratuity.
Reservations started coming in at the end of January, and haven’t stopped since. All 50 hotel rooms are full, and the restaurant expects to serve about 450 a la carte dinners on Saturday evening, something that only happens on big holidays, on which people lavish the ones they love.
Lauren Halligan may be reached at 290-1443.
