Valentine’s Day spending
Valentine’s Day spending is expected to drop this year to $28.6 billion, or 4.8 percent below last year, according to IBISWorld Inc.
“Tightening household budgets will make it difficult to justify splurging on loved ones this year, especially for couples with children who have just had to budget for the Christmas holiday,” said George Van Horn, senior analyst for IBISWorld.
While hotels and restaurants hope to lure couples with Valentine’s Day specials, flower vendors bemoaned the weekend date. ”
When you’re at the office, it’s more fun to get flowers,” said Patrick McCann, owner of Greenworks Inc. and Toscana Gardens LLC in the Flower Mart at Sixth and Brannan streets in San Francisco.
The Grand Cafe in San Francisco, like every other restaurant adapting to the difficult economy, has lowered prices a bit, including for the four-course Valentine’s Day weekend prix-fixe menu, said Frank Micalizzi, the general manager.
Valentine’s Day spending is expected to be lower this year due to the recession.
– Total spending on Valentine’s Day: $28.6 billion, down 4.8 percent from 2008.
Sources: IBISWorld Inc., BIGresearch.
