Valentine's Day has been a day to shower your loved one with expensive dinners, gourmet chocolates, flowers and gifts galore. But this year, it seems even love cannot completely conquer a weak economy.
Cupid-struck couples are expected to spend $20 less on each other this year, according to a survey conducted by BIGresearch for the National Retail Federation. On average, they'll spend $102.50 each, a 15.6% decrease from a year ago.
"But it's not just about being afraid of not buying something for your girlfriend," said Clark Wolf, president of Clark Wolf Co., a food, restaurant and hospitality consulting firm. "Valentine's Day is a day to celebrate each other."
Wolf says restaurants should see strong sales for the holiday, not only because the holiday falls on a Saturday but also because of smart marketing. "People are offering deals like free glasses of sparkling wine and keeping prices closer to their regular menus," Wolf says. "It's about added value, not up-selling."
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