Valentine’s Day is big business for candy
Candy suppliers are in love with Valentine season, and that is no surprise considering the numbers.
According to Eat Out Eat Well, $448 million is spent on candy in the weeks leading up to the big day. That total works out to roughly 58 million pounds of chocolate and 36 million heart-shaped boxes.
Last year, the National Retail Federation reported that almost 55 percent of consumers will spend money on Valentine’s Day, at an average of $146.84 per person, and that number may climb this year.
“As the first major consumer holiday [of the year], Valentine’s Day could provide a positive boost in spending our economy needs,” said NRF President and CEO Matthew Shay about the 2016 report. “Looking ahead, we’re optimistic consumers are in a good place when it comes to spending on discretionary items like gifts.”
Most of the spending will go towards spouses or significant others, but consumers will also be making purchases for friends, family, co-workers, childrens’ classmates and teachers, and more.
Mars Brands conducted research on what Americans prefer for Valentine’s Day. It found that 94% of consumers said they’d rather receive chocolate than flowers this year, and 92% said they planned to gift chocolate over a greeting card.