Valentine’s Day Spending Pressure: Many Share Your Concerns
As Valentine’s Day approaches, many consumers are feeling pressure to spend on gifts and experiences. According to a recent survey by CIBC, 56 percent of Canadians plan to make purchases for the holiday. This year, the highest spending is expected from those aged 18 to 34, with average expenditures surpassing $200.
Changing Perspectives on Valentine’s Day Spending
Friends Brenda Tran and Julia Oh from London, Ontario, express a shift in their spending habits. They intend to focus on memorable experiences instead of costly gifts. Tran, who previously spent between $100 to $200 annually, has recognized the need for more sustainable choices, especially as a student.
- 56% of Canadians plan to spend for Valentine’s Day.
- Aged 18 to 34 are the biggest spenders this year.
- Average spending among young Canadians: over $200.
- 45% of survey participants plan to cut back this year.
Influence of Emotions and Social Media
Experts like Sumitra Auschaitrakul, a marketing professor at the University of Guelph, note that emotional connections drive spending behaviors during Valentine’s Day. Social media platforms can exacerbate this pressure. Oh points out that her TikTok feed is filled with extravagant gift ideas, raising doubts about her own plans.
Broader Trends in Gift-Giving
Nowadays, the tradition of giving gifts extends beyond romantic partners. People are purchasing gifts for friends, family, and even pets. This shift reflects changing consumer behaviors as companies market offerings to broader audiences.
Resilience of Traditional Markets
Despite economic strain, retailers specializing in flowers, chocolates, and other Valentine’s Day gifts report steady demand. Kendra Clarke, owner of Lovebird Flowers, states how the holiday compels people to demonstrate their affection grandly.
The Chocolate Factory in Covent Garden Market also sees increased foot traffic on February 14 and 15, particularly from those scrambling to make last-minute purchases.
Prioritizing Quality Experiences
Tran and Oh advocate for valuing quality time over material gifts. Their plans include shared activities such as dining out and movie nights. They encourage couples to communicate their preferences for how to celebrate without succumbing to societal pressures.
Practical Advice for Consumers
Auschaitrakul suggests that shoppers take a moment to assess their financial decisions before making purchases. She emphasizes the importance of being mindful and not reacting impulsively to promotional pressures.
As Valentine’s Day nears, consumers are reminded to consider their values and priorities, ensuring their celebrations reflect personal significance rather than societal expectations.
