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Americans Spend $20.7 Billion on Valentine’s Day
- Americans Spend $20.7 Billion on Valentine’s Day
American adults that celebrated the Valentine’s Day spent $20.7 billion in 2019, according to National Retail Federation.
Despite only 51 per cent of American adults celebrating the ancient holiday, the lowest in 10 years, the number was up by 5.6 per cent when compared to 2018.
The total amount spent on Valentine’s day in the U.S. represents 75.8 per cent of the Nigerian 2019 proposed budget of N8.83 trillion.
This further explained the importance of consumer spending to an economy as it bolsters the retail sector and stimulates economic activities.
However, the lack of job creation and weak wage growth are some of the factors weighing on consumer spending in Nigeria and other emerging economies.
Nigeria’s unemployment rate rose to 23.1 per cent in 2018, with youths unemployment/underemployment rising to 55.4 per cent. Suggesting that the majority of the people that were to spend during Valentine’s Day simply have no jobs.