Valentine’s Day traces its origins to ancient Rome, where it is believed to have started as Lupercalia, a mid-February fertility festival.
Lupercalia was celebrated for centuries on February 15 but began to decline as Christianity spread through the Roman Empire. By the 5th century AD, Pope Gelasius I condemned Lupercalia as pagan and sought to replace it with a Christian celebration.
In 496 AD, he officially declared February 14 as St. Valentine’s Day, dedicated to St. Valentine, a Christian martyr. Over time, the romantic elements of Lupercalia blended with the feast of St. Valentine, giving birth to the modern Valentine’s Day.
Though Lupercalia faded, its themes of love, fertility, and matchmaking continued, influencing many of the customs associated with Valentine’s Day today.
The holiday became associated with romantic love in the 14th century when Geoffrey Chaucer’s poetry linked it to courtly romance.
By the 18th and 19th centuries, the tradition of exchanging love notes, later known as Valentine’s cards, became widespread in Europe and the United States. Over time, Valentine’s Day evolved into a global celebration of love, marked by gift-giving, dining, and various romantic gestures.
The Size of Valentine’s Day Economy
Today, Valentine’s Day is a multi-billion-dollar industry worldwide. In the United States alone, consumers spent approximately $26 billion on Valentine’s Day in 2023, according to the National Retail Federation (NRF). The spending covered categories such as jewelry, dining, flowers, chocolates, and experiences.
In Nigeria, Valentine’s Day has become an economic driver for multiple industries, including fashion, hospitality, restaurants, jewelry, and entertainment. A 2024 SB Morgen survey showed that 62.8 percent of Nigerians actively participated in Valentine’s spending, with some splurging over ₦500,000 on gifts and experiences. The hospitality sector, particularly hotels and restaurants, records some of its highest revenues during this period, while florists and luxury brands also experience spikes in sales.
Globally, the Valentine’s economy extends beyond gifts, as digital transactions, travel, and e-commerce platforms experience significant upticks. The rise of contactless payments and online shopping has further accelerated consumer spending, making Valentine’s Day one of the most commercially significant celebrations worldwide.
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