February 14^th was declared as Valentine’s Day in 496 AD by Pope Gelasius I. It is a holiday observed honoring one or more early Christian martyrs named Saint Valentine. It is a day that traditionally loved ones express their love for one another by giving flowers, candy, and sending greeting cards known as “valentines.” Hand-written valentines have given way to mass-produced greeting cards. Esther Howland, a native of Worcester, Massachusetts, sold the first mass-produced Valentine cards in the 1840’s.

The U.S. Greeting Card Association estimates that approximately 190 million valentines are sent each year in the United States. At the turn of the millennium, the rise of Internet popularity has created new traditions. Now each year, millions of people send Valentine’s Day e-cards, love coupons, or printable greeting cards. An estimated 15 million e-valentines were sent in 2010.

The National Retail Federation’s Valentine’s Day Consumer Intentions and Actions survey predicts the average person will spend $126.03 this year, up 8.5 percent from last year’s $116.21, and up 22 percent from 2010’s $103.

Spending this Valentine’s Day is expected to reach $17.6 billion. Americans will spend the most on their partners with the average person planning to spend $74.12 which is up from $68.98 in 2011. Men are expected to spend more than women. With 50.5 percent planning to buy their loved ones candy (top gift of choice), followed by flowers and then dinner, approximately 19 percent will purchase jewelry – the highest in the survey’s history.

What motivates an individual to purchase one thing over another? Is it fear of a negative ramification or is it the need to nurture or be nurtured by your partner? Or is it the need to achieve by purchasing the ‘best’ gift? Retailers could benefit by commissioning The Forbes Consulting Group to do a MindSight® study.  By using the company’s proprietary applied neuroscience technology, retailers can gain a better understanding of the specific emotions that influence buyers’ decision-making. This would help retailers understand why someone would choose to buy candy over flowers on Valentine’s Day for their loved one. With this understanding, retailers can strategize and target specific shoppers to help increase their sales revenue.