Over the past long weekend, love was in the air, but did you ever wonder how much that affection costs us? Valentine’s Day offers up opportunity for extra romance and treats, but how much money do we reinvest in our economy through purchasing a special something for that special someone? According to Research Management Group, in the United States alone, retailers are expecting Valentine’s Day spending to hit a high of $18.9 billion USD, while Wal-Mart Canada expects more than 60% of Canadians to spend $177, on average, for Valentine’s Day gifts. When it comes to what significant others like, Leger Marketing has revealed that partners on the East coast like to give and receive home décor and kitchen items, while those in the Prairies follow tradition and prefer to give jewelry and flowers. A survey discovered that candy is still the top seller on Valentine’s Day in Canada, followed by greeting cards, apparel, gift cards, toys, and flowers.
With the introduction of Family Day, most of Canadians get the chance to not only plan a romantic evening, but they also get to enjoy a long weekend. Originally adopted in Alberta in 1990, it wasn’t until 2006 that another province, namely Saskatchewan, also allowed for this holiday in February. Manitoba followed the year after that in 2007 by inaugurating Louis Riel Day, while Ontario’s first Family Day was in 2008. PEI also founded PEI Islander Day in 2009 occurring on the same day, then British Columbia added their own Family Day in 2011 (even though their day is observed a week sooner than the rest of the participating provinces). The most recent adoption was by Nova Scotia in2013 with the addition of Nova Scotia Heritage Day. Time will tell if the adoption of this long weekend affects the amount Canadians spend on Valentine’s Day, as now more Ontarians will have the chance to spend more time with their loved ones.
We here at NorthBridge hope that each and every one of you had a great weekend, and that the extra rest gives you the motivation to keep being innovative!