Okay, I’ll admit it. I am not particularly a fan of Valentine’s Day. I don’t mean that there is no place for romance, far from it, but in my humble opinion Valentine’s Day falls into the same category as Halloween – a commercialized “holiday” whose origins have become lost in the mists of time. And if they once had religious or pagan significance, that meaning has now been somewhat sacrificed on the altar of retail.

 

Valentine’s Day’s origins are Christian, with many different traditions suggesting where the name might have come from. Several revolve around the legend of the iconoclastic Valentius, who imprisoned by the Romans for his beliefs, restored the sight of the blind adopted daughter of the judge who sentenced him. He succeeded in turning the judge and all his entourage to Christianity, but was put to death for suggesting Emperor Claudius did the same.

 

There is hot historical debate over its modern format and just where the idea of exchanging cards and gifts on February 14 came from. Some attribute its origins to 14^th Century English poet Geoffrey Chaucer. However, its more modern roots as a day to give and receive notes of affection can be seen in Victorian England and mid-19^th Century United States.   

 

Despite my personal reservations, I seem to be in somewhat of a minority when it comes to Valentine’s Day. The National Retail Fund (NRF) recently released the findings of its Valentine’s Day Consumer Spending Survey, which estimated that US consumers will spend a total $19.7 billion – or $146.84 on average – for the holiday.

 

This will be the first time since the end-of-year holiday season, which preliminary results suggest advanced by a little over 2 percent in the US, to test the temperature of the market. The predicted boost in spending could provide the jolt that the economy needs, as well as acting as a springboard for future retail events such as Mother’s Day.

 

The NRF estimated that of that $19.7 billion, $4.4 billion will be spent on necklaces, earrings and other jewelry items. It might feel to me like an artificially imposed “day of love,” but these are serious numbers – and not to be sniffed at. Magazines aimed at both genders are full of useful tidbits and buying information about gifts for significant others – and of course diamonds and jewelry have their part to play in this.

 

Many leading jewelry retailers such as Kays, Zales and Pandora to name a few have released special Valentine’s Day diamond jewelry. David Yurman has gone a step further by encouraging consumers to share their own love stories through its “Every Love Story is Different” linked from the brand’s homepage. And the company cannot be accused of not practicing what they preach; the first page features the love story of Sybil and David Yurman, which began in 1969.

 

This heightened interest in, and spending on jewelry, is also reflected in a recent report on MarketWatch.com, which, states that in a survey of 12,000 brides and 1,200 grooms engaged or recently married from 2014 to early 2015, men spent $5,978 on an engagement ring – up from $5,095 in 2011.

 

Yet despite this increase on engagement ring spending, evidence would seem to suggest that the more a (heterosexual) couple spends on a wedding * the less likely its chances of success. A 2014 study entitled “’A Diamond is Forever’ and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration” by Emory University Department of Economics professors Andrew Francis and Hugo Mialon, showed how spending on the engagement ring and the wedding ceremony is inversely proportional to a marriage’s longevity. 

 

This fits in nicely with the modern idea of Valentine’s Day, romance and love, and the social pressure that both men and women feel to spend lavishly on their partners – whatever their gender. I’m not at all advocating that you shouldn’t go out to your local jewelry retailer and buy a stunning diamond ring, necklace or earrings. In fact, I think couples should buy each other meaningful gifts (and if that happens to be a wonderful piece of jewelry then so much the better).

 

And I understand that Valentine’s Day is a significant retail day, but maybe there is an opportunity to look at how we are marketing our products, or creating slogans for ordinary days, days that are not generally conceived of as “retail opportunities.” What about the other 365 days of this leap year? (Albeit that 43 of them have already come and gone). How do we get consumers to not only come in to buy jewelry once, but to get them to keep coming back – and not just on Valentine’s Day or Mother’s Day?

 

In the same way that money doesn’t grow on trees, evidence also suggests that you cannot buy love. But if you are having Valentine’s Day sales specials then I wish you luck and hope that my Scrooge-like take on the day doesn’t dampen your spirits or your takings.

 

Happy Valentine’s Day!

 

*Little data is currently available on same-gender marriages and the correlation between cost and longevity of the union.