Valentine's Day

Valentine’s Day, also known as St Valentine’s Day, is an event celebrated annually on the 14th February around the world.

The true origin of Valentine’s Day is relatively vague; however, it has been suggested that the roman festival of Lupercalia served as a precursor to the day. Lupercalia was an ancient roman fertility festival, observed in honour of Lupercus, the God of Fertility. At the end of the 5th century, Pope Gelasius I forebode the celebration of the festival, and it was not until around 9 years later, in the 14th century, that Valentine’s Day came to be celebrated as a day of romance.

Today, Valentine’s Day is one of the most commercially successful celebrations in many countries globally, including the United States, the United Kingdom, Canada, Australia and France, just to name a few. In fact, the 14th February is the most common wedding anniversary date in the Philippines.

Marketing tactics implemented by companies in the run up to Valentine’s Day often portray a rather unrealistic and romanticised version of love and relationships. This statement is substantiated by a figure from 2024 which highlighted Americans as spending around $185 on average on Valentine’s Day. Additionally, Hallmark have reported that, in the US, 145 million Valentine’s Day cards are exchanged annually on February 14th.

Around Valentine’s Day, it is typical for retailers, hotels, and wholesalers to increase their prices in line with the higher demand. For example, the prices of roses are relatively low during much of the year, however, being somewhat of a Valentine’s Day staple, supermarket prices for a dozen roses double around the celebration. In 2023, prices were reported at a low of $8 in August, in comparison to almost $23 before Valentine’s Day, a considerable difference.

This is a tactic commonly referred to as ‘seasonal pricing’, a pricing strategy whereby the price of products is adjusted based on the time of year/seasonal demand. It essentially aims to match consumer behaviour using prices, therefore during busy periods where demand is higher, companies might increase prices in an attempt to maximise profits. Whilst seasonal pricing is an entirely legal tactic, there are other legislations in place to protect individuals from being exploited by companies pricing methods.

Price gauging refers to the act of raising the prices of products excessively, faster than costs are increasing. In the US, most states have passed laws in relation to anti price gauging. These laws are in place to prevent companies from taking advantage of individuals, especially during periods of high demand for essential goods, something that often happens when there is a declared emergency.

However, these legislations are rarely implored, due to price gauging being difficult to prove. This effectively makes identifying and monitoring abusive pricing a challenge for economic regulators. Conversely, a time when the matter acquired greater prominence, was during the COVID19 pandemic. The pandemic witnessed corporate misbehaviour regarding regular shortages and associated price hikes, something that causally influenced inflation factors.

As previously acknowledged, Valentine’s Day is a global event. However, the celebrations, traditions and legalities behind the day differ between each country. For instance, Ghana has rebranded Valentine’s Day as National Chocolate Day, fitting for a country renowned as one of the world’s biggest cocoa exporters. Every year, on February 14th, Ghanaians and tourists exchange chocolate, visit chocolate exhibitions and indulge in chocolate themed menus put on specially by local restaurants. Furthermore, in Italy, superstitions are at the forefront of the love celebrations, with many believing that the larger the chocolate that you give to your loved one, the stronger your relationship.

In France, individuals used to celebrate rather extremely in a, now banned, tradition known as loterie d’amour (drawing for love). This event involved men and women filling facing houses, before calling out to each other and pairing off with their chosen partner. However, if a man was unhappy in his pairing, he could merely swap for another woman, whilst the women remaining unmatched at the end of the event would burn photographs of the men who declined them on a bonfire. On the other side of the globe, in Saudi Arabia, Valentine’s Day is banned, even the selling of red roses on February 14th is illegal.

Valentine’s Day goes much further than simply a day of love and exchanging gifts, as shown by the varying celebrations across the globe. It is always intriguing to take a peek behind the commercialisation of the event and see what the legal implications and traditions of the day are. However you spent your Valentine’s Day, we hope that you had a fantastic day and avoided those price hikes!