Valentine’s Day Billions: Businesses’ enduring love affair with February 14th
Many of the biggest brands are poised to profit from Valentine's Day. This ancient tradition has been celebrated in various forms on every continent for hundreds of years. Advances in digital technology are disrupting how companies communicate with couples and create memorable experiences.
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00:00 Valentine's Day has blossomed into a multi-billion dollar industry.
00:06 But as technology transforms the business of love and romance, what does the future
00:11 have in store for this special day?
00:18 Welcome to the Exchange from our studio here in Doha.
00:22 Now February has been the month of love since the 14th century.
00:27 But over the years commerce has caught up and now Valentine's related business generates
00:32 billions for companies worldwide.
00:35 More than half of all adults with a partner plan to celebrate Valentine's Day according
00:39 to the research company Ipsos MORI.
00:42 The special day is most popular in the United States where three quarters of all couples
00:47 typically take part.
00:49 And all this enthusiasm translates into massive amounts of money.
00:53 The National Retail Federation reported that in the US alone, Valentine shoppers spent
00:58 almost $26 billion in 2023.
01:02 The business of love is booming in Europe too.
01:05 More than half of all couples in the United Kingdom, France and Spain also join in with
01:11 shopping and celebrations.
01:13 One firm facing frenetic demand in February is the luxury hotels and resorts group Four
01:18 Seasons.
01:19 I spoke to their president of Europe, Middle East and Africa, Adrian Masurli, and he explained
01:25 the importance of giving guests a Valentine's experience that's both familiar and surprising.
01:33 Those are events that we are particularly meticulous in the way that we anticipate and
01:39 prepare for them.
01:41 Because ultimately we are in the business of creating memories that we hope that last
01:46 for a lifetime.
01:47 And our teams are extremely dedicated in creating that magic when we have those particular events.
01:54 We are equally strong in celebrating eight periods, Ramadan periods, and also Lunar Christmas
02:01 that is more in the Asian part of the world.
02:03 And each hotel really curates special events in order to celebrate this moment.
02:11 Lessons in love there from a company that's been curating romantic experiences since 1961.
02:17 And to better understand this link between traditional romance and modern business, we
02:23 sent our reporter Cyril Feneres to Paris, the city of love, on a mission to meet the
02:28 entrepreneurs making Valentine's Day a more eco-friendly affair.
02:35 Hello Guy and welcome to the famous Pont des Arts here in Paris, the city of love.
02:40 A few years ago there used to be so many love locks on this bridge that part of it fell
02:45 into the sand.
02:47 Now as you can see, glass panels have replaced the traditional wire fencing because saying
02:52 I love you should not damage the environment.
02:56 Here are a few tips for a sustainable Valentine's Day.
03:06 We all know there's nothing like a flower's bouquet to please your soulmate, but which
03:10 one?
03:11 We asked French actress Marie Coulongeau, who runs a sustainable flower shop in Paris,
03:16 for her advice.
03:17 First tip, don't rush into roses.
03:19 It's important to stop representing roses as a symbol of love.
03:25 First, because it's not the most popular flower for women.
03:27 And second, because we don't have roses in Europe for Valentine's Day.
03:31 I encourage everyone to buy local flowers.
03:34 If you want to please your soulmate, give him a beautiful bouquet of renoncules, anemones
03:40 from Mimosa, or a beautiful bouquet of tulips.
03:43 Don't forget to ask for the origin of these flowers.
03:47 They have to come from your region.
03:55 Chocolate is also a highly prized aphrodisiac for lovers the world over.
03:59 But here, more and more businesses pay attention to its composition.
04:03 For this vegan and fair trade chocolatier, it's not just the taste that counts.
04:08 I advise you to put as a base a chocolate that is ethical.
04:13 It has to come from a country that doesn't deforest.
04:17 And it has to be very good in terms of taste and nutrition.
04:22 So, not too sweet, or if it's sweet, sweet with a fruit.
04:27 A natural, organic, healthy product.
04:30 Fortunately, a stroll through the streets will not emit any CO2.
04:35 And a kiss is often worth a thousand presents.
04:39 That's it, Guy.
04:40 The Parisians guarantee that your other half will be delighted, and that the planet will
04:44 thank you later.
04:47 Now climate consciousness is not the only trend impacting the business of love and romance.
04:53 I caught up with stock market analyst Mike Ingram, and he explained what financial markets
04:59 want on Valentine's Day.
05:03 It's only really since the 1980s that we've seen quite something quite intense commercialization
05:10 of this event.
05:11 Data's only really been collected within the last 20 years or so on what exactly is being
05:17 spent on.
05:18 Though it seems that the trend is very firmly up, and the amounts involved now are actually
05:23 very large.
05:24 For instance, in 2023, it's believed that in the United States, total expenditure on
05:31 Valentine's Day was pretty much in the region of $26 billion.
05:35 And of course, the United States is not alone in celebrating this event.
05:40 So it is big business these days.
05:42 In terms of what's being spent within that, I mean, there are clear regional differences.
05:48 I mean, for instance, in the UK, we are by all accounts the biggest card givers per capita
05:55 in the world.
05:56 I'm not sure to what extent that data really holds up, but it certainly feels like a lot
05:59 of people spend a lot of money on sending a lot of cards in this country.
06:04 In the United States, it seems to be skewed towards events, experiential gifting, and
06:14 then things like chocolates and dining out and so on and so forth.
06:20 Valentine's Day then still has the power to win the hearts of the toughest trading floor
06:25 analysts.
06:26 Now, it's time for our regular feature business in 60 seconds.
06:30 Start the clock.
06:31 Krispy Kreme have their Q4 earnings release.
06:34 The iconic donut brand recently published their B-Suite responsibility report, a global
06:39 pledge that covers a range of good deeds from fundraising to tackling food waste.
06:45 Lazy Boy Incorporated update on their 2023 third quarter performance.
06:50 The 100-year-old famous furniture business embarked on a huge program of tech transformation
06:56 last year that investors will be hoping should now start to help win more customers and create
07:02 company-wide efficiencies.
07:05 And Warner Brothers Discovery published financial results for the final quarter of 2023.
07:11 The vast media and entertainment conglomerate lost millions of streaming subscribers last
07:16 year and a drop in advertising revenue impacted the share price.
07:21 However, initiatives such as the major podcast deal with Spotify have been warmly welcomed
07:27 by analysts.
07:28 From stock market analysts to eco-campaigners, the world is far from falling out of love
07:34 with Valentine's Day.
07:36 Despite cultural changes and advances in technology, it seems that for now at least, the business
07:42 of love endures.
07:43 Well, that's all we have time for on this edition of the show.
07:47 Thank you for watching.
07:49 Please do check out Euronews.com for all your latest business news.
07:53 And join us again next time on The Exchange.
07:55 (upbeat music)
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