It’s Valentine’s Day, which means love is in the air — and dollar signs are in retailers’ eyes. Here are three charts that help tell the economic story of the holiday:
Fewer people are celebrating Valentine’s Day, but those who do are spending more on the holiday, according to the National Retail Federation.
An annual report from the retail group found a year-over-year decline in the percentage of American consumers who planned to celebrate Valentine’s Day, down to 51 percent.
However, people who planned celebrate the holiday said they would shell out an average of about $162 for candies, flowers and the like. That’s a record high.
Dating services surge
Much like shopping and job searching, dating services have gone digital, and the industry has seen revenue increase as a result, according to IBISWorld.
Dating has become an industry with many competitors in recent years, with apps like Tinder, Bumble, Hinge and PlentyOfFish all competing for the hearts of users looking for relationships.
The dating industry’s growth has created new jobs. Employment for the sector has increased more than 27 percent over the last decade, dipping slightly in the aftermath of the recession but climbing steadily since, according to IBISWorld. The dating services industry accounted for 5,471 in 2018 and is projected to keep adding jobs over the next five years.