Washington, D.C. – The U.S. Chamber of Commerce today unveiled new data shedding light on the economic impact of Valentine’s Day nationwide, underscoring the pivotal role of businesses in creating memorable experiences for Americans.
According to the National Retail Federation (NRF), consumers plan to spend $25.8 billion this Valentine’s Day. As part of its “Brought to You by American Business” initiative, the Chamber used that number to calculate the anticipated economic benefit from Valentine’s Day for U.S. metro areas across the country.
Los Angeles, CA is expected to see $1,145,641,00 in spending while other areas could see: $91,951,300 in Tulsa, OK; $29,144,700 in Boulder, CO; $17,639,200 in Warner Robins, GA; $13,854,100 in Santa Fe, NM; and $8,511,400 in Ocean City, NJ. Click here for the full list of all 386 U.S. metro areas.
“From cards to candies to carats, Valentine’s Day is an economic engine for businesses from hospitality to agriculture. All this bustling economic activity translates into a surge in patronage at local businesses, fostering robust and thriving local economies, while simultaneously ensuring an unforgettable holiday experience for consumers,” said Curtis Dubay, Chief Economist at the U.S. Chamber.
The NRF estimates 53% of consumers plan to celebrate Valentine’s Day, and unsurprisingly, chocolates and other candies are expected to reign supreme on Valentine’s Day in 2024 with candy accounting for a whopping 57% of Valentine’s Day spending.
According to the National Confectioners Association, 92% of Americans plan to purchase candy for Valentine’s Day this year, including 58 million pounds of chocolate – one of the holiday’s most popular candies. Overall, the Valentine’s Day season represents about $4 billion in confectionery sales each year.
Whether bought from the local florist, flower delivery service, or neighborhood grocery store, flowers remain integral to the Valentine’s Day holiday. The Society of American Florists reports 250 million roses alone are prepared by U.S. florists for Valentine’s Day, with Cupid’s holiday being the number one holiday for florists and for floral purchases.
Looking for last-minute deals? The National Restaurant Association reports nearly 40% of Americans celebrate Valentine’s Day after the fact to get a better deal, so look for restaurants offering deals and specials a few days after Feb. 14.
Click here to learn more about the economic impact and how Valentine’s Day is Brought to You by American Business.
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