Valentine’s Day GIF Guide
Valentine’s Day is a $27.5 billion dollar boost to the economy each year. For many small businesses, they depend on Valentine’s Day to shake off the winter blues, but it’s worth noting the risks these businesses face. With such a small time window in which to perform and highly emotional stakes, it is ultimately a holiday fraught with dangers. Prosper Insights & Analytics released the results of their annual Valentine’s giving survey, “NRF’s 2020 Valentine’s Day Spending Survey” . In it, they claim that 55% of the U.S. population will be celebrating Valentine’s Day, and are expecting to spend an average of $196.31 ( year over year increase of $34!). The top 6 categories for Valentine’s Day spending in the United States are:
1) Candy 52.5%
Candy is delicious, but when a heart-shaped-box is available in every drugstore you will want to be unique in your sweet gesture. Small, artisanal candy shops may have some amazing and unusual flavors that create some sparks. Just know your loved one’s allergy triggers,…nothing will ruin a night faster than giving chocolate-covered ginger bites that will send your beloved clutching for their epi-pen. Manufacturer’s Primary GL is a must, as is Products and Completed Operations Coverage. [Family Matters]
2) Greeting Cards 43%
Exchanging cards can be a nice way to share a sentiment without breaking the bank. It also allows for some personalized, heartfelt sentiment inside. If these cards are homemade from an In-Home Business, they should have the right coverage if their homeowner’s coverage fails to cover inventory and supplies. [The Simpsons]
3) Flowers 37%
The numbers of this one are skewed based on gender more than other gifts since mostly women receive flowers instead of the other way around. Flowers can be a lovely gift, and red roses are the Valentine’s Day staple of romance. Floral shops count Valentine’s Day as their second-busiest day, second only to Mother’s Day. That’s a lot of pressure on florists that should carry Property coverage in case their entire stock is ruined by an unexpected power outage, a missed supplier delivery, or a wreck of one of their florist trucks that could end up disappointing a LOT of people. [The Office]
4) Romantic Night Out 34%
If you’re just now thinking about a reservation for Valentine’s Day, you’re probably too late. But a romantic night out is a wonderful way to have a conversation and look lovingly into each other’s eyes without worrying about the dishes afterward. A win-win! Just be sure to check the reviews on YELP, the sanitation rating, and review their reservation policy before you make that plan. Hopefully they have the full assortment of Restaurant Coverages like Products & Completed Operations coverage, Privacy Breach coverage, in addition to General, Property and Liquor Liability. [Easy A]
5) Jewelry 21.5%
Jewelry such as rings and other sparkly things sure can delight the recipient, but have you considered your exposure? A personal inland marine policy to cover the replacement cost of the ring can help mitigate losses if the item is lost, stolen, or damaged in some other way. [Gentlemen Prefer Blondes]
7) Clothing 20%
Clothes make a man,…and woman. Buying a beautiful piece of clothing can be a romantic gesture if it’s particularly luxurious like a fur, designer handbag, or a bespoke jacket. Consider a personal schedule to cover any values that are not included in current homeowners coverage. [Addams Family]
6) Giftcard / Gift Certificates 19%
Gift certificates and giftcards to spas, restaurants and other services round out the top six gifts. They can be a romantic way to show that you know the other person’s needs or interests but with their option to schedule it at their convenience. Just make sure it’s not lost or stolen as there’s no insurance for that! Retailers may be able to reimburse you, however, if you can prove you purchased the gift card with a receipt. Also, make note if the card has an expiration, because $3 billion gift cards go unused each year according to a recent CNBC article. [Brooklyn Nine-Nine]
Sources: Prosper Insights & Analytics “NRF’s 2020 Valentine’s Day Spending Survey”
