Valentine's Day a Boost to Local Business

Remember how frantic you were in the days leading up to Christmas? Multiply that by a factor of 10, and you have some idea of what this week must be like for Lisa Thole, store manager at of Apple Valley.

“It’s a nice boost,” Thole says of Valentine’s Day, which triggers some 500 orders for the Apple Valley florist, jump starting the company’s fiscal results during what would ordinarily be a slow season. “We do depend heavily on this particular holiday.”

Thole has lots of company. This year, consumers are expected to spend more than $17 billion for Valentine’s Day-related merchandise, according to the National Retail Federation (NRF).

From significant others to teachers, children, friends and even pets, an NRF survey indicated that the average consumer plans on spending $126.03 to express their love this year. That figure represents more than an 8-percent increase over the 2011 average of $116.21.

“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction,” said NRF President and CEO Matthew Shay in a Feb. 1 news release. “Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates.”

Valentine’s Day spending has steadily increased during the last decade since the NRF began conducting it’s annual survey. The $17.6 billion expected to be spent this year ranks only behind Christmas and New Year’s spending (combined $471.5 billion) as far as traditional holidays are concerned. Mother’s Day is the next largest retail holiday with $16.3 billion being spent in 2010, the latest figures available.

David Hyde, a manager at the in Lakeville, says the holiday has always been traditionally strong at his establishment.

“Valentine’s is always a great holiday in the restaurant business,” Hyde said. “We typically fill up (with reservations) about three weeks prior.”

Hyde says weekends are consistently busy at the Porterhouse, but his restaurant will see a significant increase in business from Sunday through Tuesday.

According to the NRF, consumers are expected to spend approximately $1.8 billion on Valentine flowers nationwide to go along with $1.5 billion in candy, $1.4 billion in clothing and $1.1 billion on gift cards. Jewelry will get the most love this year with an anticipated $4.1 billion being spent on bling. Lovers spending an evening out at restaurants and entertainment will contribute an estimated $3.5 billion to the “hearty” spending spree.

Other figures from the NRF survey suggest that spouses and significant others will account for approximately $74.12 each in Valentine’s Day swag. Children and other family members will see a $25.25 show of appreciation. Consumers plan to spend $6.92 on friends and have even budgeted for their pets. Consumers said they plan to spend an average of $4.52 on their dogs, cats and other beloved pets.