Toronto ON – Valentine’s Day is a $15.7 billion bonanza to retailers worldwide. Canadians spend an average of $144 million on chocolate and confectionaries, and $20 million on flowers. Consumers are pressured by card companies and department stores, and even Apple sends daily emails reminding subscribers the best way to show love is to buy a gift for your valentine.
On average, men spend $158 and women spend $75 on gifts for Valentine’s Day. The average total spent on gifts is:
- Candy: $22.63
- Flowers: $36.78
- Jewelry: $151.53
- Greeting cards: $15.52
- Evening out: $71.76
- Clothing: $83.56
- Gift card: $88.59
However, in a survey by Small Business Canada, 85 per cent of respondents said they would rather receive a homemade gift for Valentine’s Day than something store-bought.
“Buying your valentine a gift is a lovely gesture as long as you can afford it,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada, Inc. “But if it’s bought on credit and you can’t afford to pay the bill, the cost plus interest will last longer than the sentiment.”
To make Valentine’s Day memorable this year, Consolidated Credit offers these suggestions for easy, do-it-yourself ways to say ‘I love you’:
- Family Valentine’s Day Meal Deal: Plan a dinner for the family to make together and decorate the table with all things valentine – paper hearts, heart-shaped place cards, chocolate kisses, and red and white candles.
- Plan ahead: Spend time on the weekend to prep your meal and have it ready to heat when you get home from work.
- Plan a money-free experience: Life often gets in the way of spending quality time together. Schedule a few hours to be a tourist in your own city, explore a new neighbourhood, or weather permitting, go ice skating, bike riding or cross country skiing.
- Create your own Valentine’s Day card: Why spend money on a Valentine’s Day card when you can easily make it yourself? There are so many websites to help even the most artistically challenged individuals. Your card will be a kept in a memory box for years to come.
View Consolidated Credit’s full infographic for Cupid’s PAYnful arrow and see how your Valentine’s Day spending measures up.