The gifting market: Relevant facts & figures
Valentine’s Day is love day. Through the years, the emphasis and the common understanding by most of us is that this day is just for couples or lovebirds. However, the fact is, it is really for families and friends as well. Thus, on Valentine’s Day, when people tend to become more demonstrative to their loved ones, money flows and spending go up, as expected.
Historically, however, Valentine’s Day has religious significance and used to be referred to as St. Valentine's Day. It started as a liturgical celebration in honor of a Christian saint named Valentinus. Thus, until today, Saint Valentine's Day is religiously celebrated among Anglicans, Lutherans and the Eastern Orthodox. Though unverified, stories were made up about his martyrdom. However, that he was imprisoned and executed for officiating unions for soldiers who were then forbidden to marry and for ministering for Christians who were persecuted under the Roman Empire remain popular.
Indeed, Valentine’s Day was first associated with romantic love. However, it was only in the 18th century when it was associated with gift giving. Then, lovers tend to be more demonstrative by presenting flowers, offering chocolates or any confectionery and sending greeting or valentine cards. And as years pass, the bow and arrow carrying winged cupid was invented to symbolize one’s fall for another.
And as we often say, the rest is history. Gift-giving is now a multi-billion dollar business globally. In the USA (figures are readily available with its Census Bureau) alone, the statistics are head-turning. For instance, on candies alone, there were “1,379 of manufacturing establishments that produced chocolate products in 2012, employing 37,998 people”. “California led the nation with 152 of these establishments, followed by New York, with 119. The estimated value of shipments in 2011 for firms producing chocolate and cocoa products was US$13.5 billion.
There were “445 establishments that manufactured non-chocolate confectionary products in 2012”. Moreover, there were “3,170 confectionery and nut stores in the United States in 2012”. “These establishments employed 20,419 people. California led the nation in this category with 46 establishments.”
“Non-chocolate confectionary product manufacturing, meanwhile, was an estimated $8.4 billion industry.”
There were “14,344 of florist establishments in the USA in 2012”. “These businesses employed 62,397 people. These establishments imported cut flowers and buds for bouquets in 2014 through November worth US$294,730,180. Moreover, the total value of fresh cut roses as of October 2014 was $407,807,220.”
There were “23,413 of jewelry stores in the United States in 2012”. Jewelry stores offer engagement, wedding and other rings to couples of all ages. Until today, these establishments turn in millions of dollars of sales as well annually.
In the United Kingdom of Great Britain, the “gifting market” is, likewise, huge. For one, the UK Retail Occasions 2013 report stated that "A high proportion of consumers place very little personal importance to the occasion,” it qualified though that "with the majority believing it to be a waste of money." The facts, however, showed otherwise, as more than half of the British consumers buying heavily on these occasions.
The fact is, in the UK’s annual £40bn 'gifting market', Valentine's Day is just right behind Halloween, Mothers' Day, Easter and Christmas. While buying cards, flowers and chocolates are still among the most preferred, restaurants are likewise making a killing as families and lovers throw in dinner as part of their celebration. For Valentine’s Day alone (as part of the huge gifting market), the British Retail Consortium said sales volume could exceed £1.3bn. Surprisingly too, without being provocative, in 2013 alone, they’ve noted a huge increase in the sale of underwear for women during Valentine’s Day.
Likewise, we are experiencing the same in the country. On this day, prices of flowers shoot up. Department stores’ ladies’ wears and apparels sections are also devoured by panicking patrons. Restaurants are filled and long queues are familiar sites.
However, celebrations like Valentine’s Day and the other major revelries will have its own share of critics. Commonly, critics single out the fact that the true value of the celebration is diminished by its commercialism.
But as Charles M. Schulz, the very famous American cartoonist agreeably said, “All you need is love. But a little chocolate now and then doesn’t hurt”.
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