Here at Palm State Mortgage, we are devoted to all things financial. You know we watch events specific to the mortgage industry, but we also love studying economic trends. So, this week, we are going to take a special look at the numbers behind the love on Valentine’s Day.
Did you know that we are celebrating the second largest shopping Holiday in America this week? Even in our uncertain economy, Valentine shoppers will spend 17 to 18 billion dollars to tell each other they love, cherish, or at least really like, each other. That amount ranks second only to Christmas in the rarified universe of American gift shopping.
Recent Background And A Few Fun Facts!
The spending has jumped in the last two years. A look at 2010 reflects purchses amounting to a total of only $14 billion in cards, gifts, chocolate and flowers. Somewhat shockingly, in 2012, the average Americans spent $126.03 per person in 2012, and that is up from $116.21 in 2011. The ladies purchase 85 per cent of the Valentine cards sold, but overall, the gentlemen spent twice as much as the women did.
How Can You Find The Perfect Gift?
In order to trace Valentine trends, let’s look at where the shoppers will go for Valentine’s 2013:
It’s The Thought That Counts: It is predicted that almost 39.6% of Valentine’s Day lovers will hit the discount stores in an effort to save a little money.
Say it with flowers: Florists garner a surprisingly low 19.6% of the Valentine hunters.
It’s The Brand That Counts: 33.2% of the profits will go to department stores, which means they lost some shoppers, considering 33.6 of the Valentine seekers used them last year.
Diamonds Are A Girl’s Best Friend: Jewelry stores will grab 11.2% of the sales.
25% of the romantic shopping will be at least researched, over phones and tablets as well as computers. If you are still researching for Valentines, or any special romantic time, we have a great little online source for you.
Sweets For the Sweet:
There will be 1.6 billion dollars spent on sweet treats for sweethearts. Flowers will cost American Romantics 1.9 billion. There will be some practical gifts, like snugly winter-wear, up to the tune of 1.6 billion dollars, and
A Slightly Shocking Look At The Whole Picture:
We know that Gross Domestic Product (GDP) is defined as “the value of all goods and services produced in the U.S.” The GDP figure is released quarterly. According to the experts, “Valentine’s Day represents a very small metric in the overall GDP, representing 1/10th of one percent of the overall economy.” Then they also report other similarly sized industries, so you can get a true picture of the meaning of 1/10th of one percent.
1. The video game industry…
2. U.S. motorcycle industry…
And consider the comparative timelines: Their 1/10th of one percent is made up of year long purchases, as opposed to the few extremely seasonal days allotted for the Valentine market.
Like we said at the beginning of this blog, we love all things financial. We love numbers, and watching economic trends. As 2013 unfolds, month by month, we will shop rates and mortgage situations as carefully as your Valentine shopper hunts for your perfect Valentine gift.
Palm State Mortgage will be watching the total financial picture in order to find the perfect mortgage situation for you and your family. You can think of us as your year-round mortgage cupid.
