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Money and Love – The Connection Between Spending and Valentine’s Day

Money and Love
  • February 12, 2021

For centuries we have purchased and presented gifts to declare our love to others. 

In the Paleolithic Era, when cavemen walked the earth, family members would gift and exchange artefacts found while hunting to express their love. In today’s modern society, our global population has adopted the idea of buying, rather than exchanging goods. 

Those who are the best hunters, or better said, those who are the best in their jobs, will have more money to spend on the people they love. This is how the connection between money and love was born.

The Trend of Spending for Valentine’s

It is interesting that people started celebrating Valentine’s Day in the form we know today somewhere around 1300 AD. Until then, St. Valentines wasn’t a day associated with love and romance. 

People had a common belief that birds start their mating season on February 14th. This was connected to Saint Valentine, a martyr that was a part of their tradition and celebrated on the exact date.

With the two occasions tied together, people started celebrating this day as the day of Love. 

Gift purchasing for Valentine’s Day is a profitable time for businesses. Valentine’s day budgets can range from a bunch of flowers to thousands of pounds on diamonds, watches, clothes, even cars and apartments.

According to stats, UK consumers spent £855 million for 2020 Valentines Day. This is just a slight rise from 2019 when they spent £853 million. US citizens spent a massive amount of money on this holiday. In 2020 they spent over 27 billion dollars. If someone says you can’t put a price on love – just show them these numbers.

Which European Country Spends the Most for Their Lovers

Some European countries splash out more than others on their ‘Valentine’. Although there are different numbers on the internet, the fact stands that Spanish citizens are not playing games when buying presents is mentioned. 

Here’s how the top 5 list looks like among European countries and Valentine’s spending: 

1. Spain £111.08
2. France £107.33
3. Italy £107.3
4. Germany £83.7
5. UK £49.64

As you can see, there’s a huge difference between Spain and the UK. 

Men vs Women: Who Spends More?

Remember when we mentioned that the tradition of gifting goes back to cavemen? It may sound chauvinistic to some, but facts say that nothing has changed since then. Today, according to surveys, men spend a lot more than women on Valentine’s Day.

Americans show this fact perfectly. US men spend around 339 US dollars for this event, while US women spend only 64 dollars.

In the UK, men spend around £44 on average, while women spend only £26. This is not a sexist concern, but more of a biological fact that shows men are more likely to show their affections through materialistic goods.

So, if you’re a business getting ready for the big day of love and romance, you might think of targeting your ads on social media more toward men, rather than women. Nothing personal, it’s just business. We all want to see our businesses grow. Maybe this is the right time to hire a digital marketing agency. 

Wrap up

We’ve progressed a lot since our first record of gifting in the Paleolithic Era. Presents to loved ones are no longer items discovered mid hunt, but meaningful declarations of our love. Like thousands of years ago, ultimately we just want to show that we care. The connection between money, success, and gifts is unbreakable. The more successful in life we are, the more money we'll spend on presents. No matter the price, in 2021, gift buying is yet another way of showing our love.