Valentine’s Day, whether embraced or criticized, is approaching and brings with it significant consumer spending potential. According to Steve Armitage, Chief Executive of Hospitality NZ, Valentine’s Day is expected to generate a notable increase in economic activity.
“Historical spending data indicates that consumer expenditure can elevate by as much as 10 percent on this occasion. Given that Valentine’s Day falls on a Friday this year, we anticipate experiencing a similar increase in spending,” Armitage stated.
He further elaborated on the importance of such events from two perspectives. “In today’s fast-paced environment, where individuals are often preoccupied with their work and digital devices, finding time to celebrate love is increasingly challenging. Therefore, the significance of being present and engaged is paramount.”
“From a business perspective, events like these create predictable demand as consumers tend to plan ahead and make reservations in advance. A 10 percent increase in spending is substantial for businesses, particularly in light of the recent challenging years for the hospitality sector.”
When inquired about the possibility of securing a reservation without prior booking, Armitage acknowledged the difficulty of such an endeavor.
