Valentine’s
Continued from Page D1 down the holiday average 3 percent overall, but businesses are not concerned, considering the reservations they’ve seen. Having the holiday fall on a Tuesday may even prolong the spending as couples celebrate throughout the weekend and then on the actual holiday itself.
In an odd trend, men who are younger and from lower-income brackets plan to spend much more than many of their older, wealthier counterparts.
“If you are single or in a relationship that is newer, there is a higher expectation to make a bigger production out of Valentine’s Day,” Alderman said.
People earning less than $20,000 a year plan to spend an average of $123 on the holiday, a larger percentage than the next three income brackets. Those making more than $50,000 plan to spend an average of $127, and those making more than $75,000 plan to spend about $139 on average, according to the survey.
The survey results are based on 1,000 telephone interviews conducted nationally from Jan. 27-29 in cooperation with GFK Roper Omnitel. The margin of error is plus or minus 5.1 percentage points.
Plenty of Valentine’s hot spots are capitalizing on the trend.
The Four Seasons Resort Scottsdale at Troon North offered special menus throughout the weekend and held a Feast for the Senses cooking class Saturday focused on preparing meals for loved ones, said Kim Cole, director of public relations at the resort.
The resort’s five-course meal at the Talavera restaurant today will offer delicacies such as lobster carpaccio for $199 a couple.
“We certainly have enhanced our Valentine’s offerings over the years,” Cole said. “We’ve seen a little more interest in this particular holiday. People are busier and busier throughout the year and don’t have as many opportunities to slow down and reconnect with the one they love.”
The resort also offers Seasons of Love specials for couples in an adults-only building, with options such as a Pillow Talk package that comes with breakfast in bed and choice of a late checkout.
The Montelucia Resort and Spa in Paradise Valley sees bigger room bookings when the holiday falls on a Friday, Saturday or Sunday, but has seen business at its spa jump at least 25 percent from last year, said Josh Herman, regional marketing director for KSL Resorts.
“People also are opting for more-expensive and longer treatments than last year,” he said. “And we have more couples coming in together than at this time than last year.”
The restaurant business has been on pace with last Valentine’s Day, Herman said, but bringing in executive chef Michael Cairns earlier this month is expected to bring a bump.
Alderman said the spending trends for the holiday have increased over time.
“Valentine’s Day 20 years ago was not what it is today,” he said. “The older you are, the less likely you are to buy into that (spending trend). And the younger you are, the more likely you are to fall into it.”
As a financial educator, Alderman emphasizes that consumers should spend within their means, especially in light of the data that show many people in the low-income brackets spend so much on the holiday.
“You have to ask yourself, ‘Are these the right priorities?’ ” he said. “Do you want to be paying 18 percent interest on a box of chocolates for months to come?”
He said tactic of spending wildly often can backfire, especially if the spending leads to financial troubles down the road, a common point of discontent among couples.
If men are bent on spending a lot, Alderman said, they should at least plan for the expense and cut back somewhere else so that they can pay the bill, rather than finance their holiday purchases.