Valentine’s Day is a holiday for expressing love and appreciation, and is also a special day for Canadian consumers. With Valentine's Day just around the corner, Canadians are already looking forward to spending time with their loved ones and showing them how much they care.
As a result, consumer spending habits have been changing over the years, and looking at the way Canadians invest their hard-earned money can tell us a lot about ourselves. Whether investing for you means a long-term GIC or buying and selling crypto, the holidays are a great time to dig into financial trends to see what Canadians value most.
In 2023, we can expect to see even more changes in the way people spend money on Valentine's Day. But what are the specific statistics behind Valentine’s Day spending? What are the most popular items sold on Valentine’s Day? And who spends the most on Valentine’s Day?
Our Methodology Based On Statistics
This study will explore the spending habits and trends of Canadian consumers on Valentine’s Day 2023. It will analyze data from multiple sources, including surveys, online shopping trends, and consumer sentiment.
We will also explore how these trends may affect businesses that are looking to capitalize on this holiday.
Below, we have unlocked the Most Interesting Valentine's Day Statistics and their Implications for marketers:
How Likely are you to Celebrate Valentine's Day
Ipsos conducted a survey and interviewed 19,987 adults with a partner who is aged 18-74 on how likely people around the world celebrate Valentine’s Day and here is what they found:
In a random survey conducted by The Forum Poll among 1117 Canadians 18 years of age or older, 8 in 10 (80%) Canadians say they don't think that Valentine’s Day is a holiday, 6 in 10 do not think that Valentine’s Day is important and more than 50% of Canadians believe Valentine’s Day is a commercial holiday. This is because Valentine’s Day is really not a public holiday in Canada. Most businesses, stores, schools, and offices will be open, the only difference is they might be decorated in red.
Most Popular Valentine’s Day Gifts
The interest in popular valentine's products that people buy during this holiday has remained the same over the years such as Valentine’s day cards, Personalized gifts, Chocolates, Flowers, Dinner for two, Clothing, Gift vouchers, Perfume, and Jewelry.
The top 5 Valentine’s Day Gifts Canadian buy are jewelry, tickets for a concert or show, lingerie, flowers, and chocolate or candy.
Generational Valentine’s Day Spending Habits
Gen Z and millennial consumers are most likely to shop online, while the older generation gifters plan to buy from a brick-and-mortar store.
They are shifting their choice of gifts over time. This group prefers the gift of experiences like attending a concert or traveling. These younger generations are also less likely to purchase Valentine’s Day cards compared to the older ones.
RetailMeNot Canada’s latest survey also shows that Gen Z and Millennials were most likely to want flowers, while Interest in flowers dropped among the adult responders.
Spending Habits by Gender
Couples are spending different amounts for gifts depending on gender and country of origin. Based on the latest statistics from Statista, in most of the selected countries, men always spent a little more money on presents for Valentine’s Day than women. While they’re planning to go big on this special occasion, women usually spend 50% less.
The gender pay gap can be the reason behind this. Women experience the gender pay gap differently than one another, as do their wages. This is also combined with the other physical expectations of women. Women are often expected to spend a significant amount of their income on cosmetics and clothing facing the pressure of needing to stay up-to-date with fashion trends.
Average Spending by Canadians
HelloSafe Canada has surveyed the average spending by Canadians on Valentine’s Day for many years and has seen a significant drop in monetary output from 2020 to 2022. But will this trend continue in 2023?
With the current economic situation in Canada, it is difficult to predict how much Canadians will be willing to spend on Valentine's Day in 2023. The Bank of Canada expects inflation to decline significantly in the coming months, a worrisome trend for those who rely on steady prices to make financial decisions. This could have a major impact on consumers, and businesses alike as they grapple with the uncertainty of an economic downturn.
On the other hand, a new poll by Bloomberg and Nanos Research indicates that consumer confidence in Canada continues to incrementally increase towards their economy. The BNCCI, a composite of a weekly measure of financial health and economic expectations, registered at 45.87 compared with 44.38 four weeks ago.
Spending Big on Valentine's Day Around the World
Here are some jaw-dropping facts around the world we’ve gathered from various sources:
- According to NRF, Valentine’s Day spending reached $23.9 billion in 2022.
- Valentine's Day is the fifth largest consumer spending event after Christmas and Mother’s Day
- Approximately 27.6 million American families bought Valentine's Day gifts for their dogs in 2020, and more than 17.1 million bought gifts for their cats. Valentine’s Day is not just for people after all.
- People spend most on jewelry on Valentine’s Day followed by an evening dinner out.
- According to Forbes, 3 in 10 Americans were banking on credit cards to cover the costs of Valentine’s Day gifts and shared experiences
- According to Hallmark, 145 million Valentine's Day cards are exchanged every Valentine’s Day.
Valentine’s Day spending can range from small tokens of love to extravagant gestures. But where does all that money go? It turns out that it varies widely depending on who you are buying for and how much you are willing to spend.
According to a recent survey by RetailMeNot Canada, Canadian couples are more likely to spend a little extra on their significant other. The average non-married couple spends around $148 while the average married couple spends a little less at $134.
Where do Canadians plan to buy their Valentine’s Day gift?
Based on a recent survey of HelloSafe Canada, the most significant trend in Canada is shopping for gifts online. Their estimates show that these would double every year as it is becoming increasingly popular for its convenience and a wide variety of options available.
Willingness to Buy Gifts for Valentine's Day due to Inflation
The cost of flowers and chocolates may be higher than usual due to inflation. Inflation has been driving up prices for these items, making it more difficult for people to show their loved ones how much they care without breaking the bank.
The increasing cost of flowers and chocolates is a result of rising inflation rates in many countries around the world. This means that even if you manage to find a great deal, you may still end up paying more than you would have in previous years making it difficult for people to find affordable gifts for Valentine's Day.
The price of roses is up by more than 50% more than last year, chocolates & diamonds are also more expensive. A romantic dining out won’t be cheap either with the prices of wine and special meal prices going up.
Below we’ve looked at the Sales of flowers and plants in Canada in the recent years after the pandemic:
Confectionery Revenue
According to Statista, the revenue in the Confectionery segment amounts to US$16.57bn in 2023 with most revenue coming from the United States in global comparison.
The market is expected to grow annually by 5.80% and is forecasted to show 4.6% growth in 2024.
Flowers Revenue
Recent statistics shows that approximately 158 million Canadian dollars worth of cut flowers were sold in Canada and is expected to grow again this year.
Jewelry Revenue
Revenue in the Jewelry segment amounts to US$2.68bn in 2023 with most revenue is generated in India. It is predicted that by 2023, 83% of sales will come from Non-Luxury Jewelry.
Valentine’s Day Shopping Tips
- Set a budget, decide how much you want to spend on your partner this Valentine’s Day, and stick to it
- Shop as early as possible and shop around for the best deals online or in stores
- Think outside the box when it comes to gift ideas – there are plenty of unique gifts that don’t have to cost a lot of money
- Compare prices at different retailers and check the exchange & return policy
- Take advantage of any discounts or coupons available
- Look for flower alternatives if Roses are too expensive
Sources:
- Valentine’s Day by the Numbers
- Cupid’s arrow hits Canadians ahead of February 14th
- About Two-Thirds Say Valentine's Not Important
- Average expenditure on Valentine's Day gifts among male and female consumers
- Gender Pay Gap
- Here’s How Much People Spend on St. Valentine’s Day
- Canadians Love to Spend Money on Valentine’s Day, How Does Your Budget Compare?
- Valentine’s Day Statistics Every Marketer Should Know
- Valentine’s Day Spending
- Inflation drives up flower and chocolate prices for Valentine's Day
- Valentine’s Day Shopping and Spending By the Numbers
- How much do Americans spend on their pets on Valentine’s Day?
- Valentine Culture in Different Parts of the World
- Canada Holidays 2023 and Observances 2023
- Confectionery – Canada
- Jewelry – Canada
- Sales of cut flowers in Canada from 2010 to 2021
- Sales of flowers and plants in Canada in 2021, by channel
- Majority Of Canadians Don't Even Consider Valentine's Day A Holiday Or Even Care
- Valentine's Day: Consumers Return to In-Store Shopping & Pre-Pandemic Behaviors, 52% Buying Gifts, Numerator Reports
- Will Love Cost Less This Year? Canadians’ Valentine’s Day 2022 Budgets Expected to Drop by 13%
- Top 14 maps and charts that explain Valentine’s Day
- Steady trajectory towards neutral consumer confidence continues
- Commitment Pays Off for Canadians This Valentine's Day
- What Canadians will Spend on Valentine’s Day (Survey)
- Average expenditure on Valentine's Day gifts among male and female consumers in selected countries worldwide
