Valentine’s Day 2024: are you ready? Things to consider

Here’s your friendly reminder – Valentine’s Day 2024 is upon us! And, in many cases, it can bring a bit of chaos into your life. Yes, you know exactly what we mean: a search for presents, coming up with exciting ideas, planning, etc. 

The preparation one needs to undergo for this holiday can somewhat ruin the mood. But here’s an important question you need to ask yourself: do I need to stress about Valentine’s Day that much? Well, let the Genome‘s team help you determine that! Let’s go through the main things you need to consider before the celebration so that there’s a little less chaos in your life!

Do you even need to celebrate Valentine’s Day 2024?

It is certainly a great discussion to begin with! At first, the answer may seem obvious to many people. It’s yes for someone who upholds this tradition and/or has a partner, or no if you don’t participate in the tradition and/or don’t have a partner. 

However, such decision-making is surface-level when you consider all the different variables. But before we do, let’s look at some telling statistics. 

In 2022, Ipsos surveyed people across 28 countries on their plans for the upcoming Valentine’s Day. The participants from the US who had a partner were in the lead among those who were highly likely to celebrate the holiday (75%), followed closely by South Africa (74%) and Peru (69%). 

The numbers were somewhat lower among the European nations, with Poland setting the pace at 64%, the UK and Sweden at 59%, and Italy at 56%. Interestingly, the respondents from Germany and the Netherlands weren’t as eager to celebrate, with a result of 34% and 32%, respectively. 

Overall, the global country average for those participating in Valentine’s Day was 55% in 2022. 

As you can see, the results are not as clean-cut as expected. Among the top 3 reasons for not celebrating, the surveyed cited the following:

1. The Valentine’s Day is too commercialized (47%);
2. It’s not a part of one’s traditions (37%);
3. It’s too expensive to celebrate (11%). 

Now that you know some general sentiments among different countries as of 2022, let’s point out the variables you need to account for when deciding to celebrate Valentine’s Day 2024 and how to plan it better. 

Communication is key

For some, Valentine’s Day is about surprising their significant others. In such cases, not much communication about the upcoming holiday happens. And this is where the issues can arise. Let’s list some of them:

• Your partner has certain expectations for what they want to do/ presents they wish to receive on Valentine’s Day 2024, and you are unaware of these.
• Your partner wants to do something specific for the celebration but can’t tell you, worrying that you have other plans;
• You or your partner don’t want to celebrate the holiday for certain reasons. 

What you can do about it: 

It would be best to find a way to talk with your partner about their wants and needs. It can be a direct conversation, or, if you plan on surprising them, be more covert – ask about their plans in passing.

After all, Valentine’s Day is, first and foremost, about expressing your love. And being open and honest about what each partner wants shows dedication to building solid relationships. 

Moreover, during your discussion, you can come up with creative ideas and ways you can spend your Valentine’s Day. We all know that this holiday can be a bit too predictable. As per a survey conducted by the National Retail Federation in 2023, the most common gifts were:

• Sweets (57%); 
• Greeting cards (40%); 
• Flowers (37%); 
• An evening out (32%).

Maybe, on Valentine’s Day, you can break the routine and do something else. For instance, you can come up with hand-made presents or show your affection in other ways! You can even set a shared future goal – to save up money for something you wanted to buy for your house for a long time or a dream trip. Just open a separate account for the purpose and start saving funds. 

The social pressures

The undeniable factors that may influence your decision to celebrate are your environment, social media, and peer pressure. As Valentine’s Day 2024 approaches, you will see more and more targeted ads and posts about it. We are talking:

1. Thematic discounts for shopping;
2. Fancy ideas for presents and holiday destinations;
3. A plethora of tips on how to make your Valentine’s Day celebration perfect;
4. People post about luxurious and unique presents they’ve received or are preparing for their significant others.

All these are, unfortunately, the effects of Valentine’s Day commercialization. The need to fit into society’s standards, as well as one-up others, can drive the decisions of many people. Then, of course, there’s FoMO – the fear of missing out that may lead to excessive spending and unnecessary purchases.

What you can do about it: 

Of course, if you want to go all-out on Valentine’s Day and are sure that it will not influence your life, time, or wallet in any negative way, no one is going to stop you. 

However, be cautious of the media you consume, and understand that not everything you see on social media is real or can be greatly exaggerated. Again, communication is key in this case – try to find out what your partner wants from the celebration and, if necessary, manage their expectations beforehand.

Be wary of lucrative deals. Fraudsters love using holidays to trick you into giving them your sensitive data or money. Do not click any links or answer any unsolicited emails, calls, or social media messages that offer you suspicious discounts or unique Valentine’s Day offers. 

Be cautious of online shopping – card-not-present fraud is always a thing. Many scam websites can pop up just before celebrations. They aim to make you spend funds on presents that will never reach your delivery address. 

The financial side of things

The celebratory mood can get you caught up in mindless spending. And, in the current financial climate, this might not be the best idea. However, it is hard to beat the tradition of gifting. In 2023, 4 in 5 surveyed Americans were planning to buy something for their significant others to celebrate the occasion. Participants from other countries were also keen on spoiling their partners, with Italy at 74%, Spain at 71%, and Germany at 64%. 

The amount of money people invest in buying presents varies. In 2021, male consumers from Hong Kong planned to spend 126 euros on presents on average. In the UK, the results were pretty close, with 116 euros on average per male population. As reported by NRF, consumers were expected to spend a staggering $25.9 billion for Valentine’s Day 2023. That is $130 on average.

What you can do about it: 

Be aware of your spending patterns. Plan out in advance what gifts you would like to give your significant other. Check for the discounts and best offers – but be cautious and follow online banking security tips. 

If you worry that you might spend more than necessary, get a virtual card for all your Valentine’s Day shopping needs. Genome’s cards are compatible with Google Pay, Apple Pay, and Garmin Pay and thus can be used for transactions online and contactless payments at stores. Moreover, you can set limits on spending, guaranteeing that you will not overpay for services.