SYRACUSE, N.Y. (NCC News) – Valentine’s Day is not only about expressing love and affection but also a significant day for retail, ranking as the fifth busiest shopping day in the United States.
“We’re probably going to do about 1,000 orders,” said David Flickinger, manager of two Edible Arrangements locations in Syracuse. “Which to put in perspective on a regular day we do between 30 and 50 orders.”
The spending spree on Valentine’s Day is not just a boon for local businesses, like Flickinger’s, but also serves as a crucial indicator of economic health.
“Usually with higher inflation it beats down on consumer confidence,” said Cameron Miller, an associate professor in the management department at Syracuse University. “So if you’re seeing the more expensive items really take hit that might tell us a bit about what we’re going to see the rest of the year.”
Despite concerns over inflation and its impact on consumer spending, the National Retail Federation estimates that consumers will spend upwards of $26 billion on Valentine’s Day this year, albeit a slight decrease of $100 million from the previous year.
Despite a downturn in inflation rates, prices have remained stubbornly high, leading to a sustained sense of sticker shock among shoppers.
“We’ve had an interesting thing in the last six months where you had high inflation and just as inflation comes down you still have a higher price,” Miller adds, “so that price shock is still lingering with the average consumer.”
Flickinger reported an uptick in business compared to last year, with increased foot traffic indicating a robust consumer interest in celebrating the day of love.
As businesses and economists alike monitor Valentine’s Day spending, the next significant holiday on the retail calendar is Mother’s Day, which will offer further insights into consumer spending habits.
