A
day when the air is filled with romance and love: Valentine’s Day, a holiday
where you reaffirm your relationship and gift something special. While it is an
occasion for lovers to reminisce their past together, it can be also a day to
express gratitude towards someone. Thus, Valentine’s Day has a significant
impact on area’s economy and the total revenue generated increases yearly.
As
we march towards modernity and higher living qualities, the younger generations
have more freedom and gained exposures; resulting to start dating from an early
age. Steadily, this leads to an increase in demand for gifts due to many
lovestruck people. During this season, most firms would practice The Law of Demand, by lowering prices or
promotions for their goods to rise up the quantity demanded; there is an
inverse relationship between quantity demanded of any good and price charged.
Although women usually perceive
Valentine’s Day more important compared to men, men will spend almost twice as
much as women: $168.74 per guy versus $85.76 per gal. This year, an estimation
of $17.6 billion alone was added to the economy, thanks to stronger job growth.
The higher the income, the higher the consumption even if the price remains
constant.
Written by Amy
Ong
No comments:
Post a Comment