Love can be profitable for traders and expensive for romantics. It also takes its toll when certain unscrupulous individuals abuse their charm. On this Valentine’s Day, here’s a bunch of economic facts about Cupid.
The lovebirds’ party coincides with the reopening of spas, which expect a very busy week. Valentine’s Day is one of the busiest times of winter, according to the Association québécoise des spas. “People are so happy that they are booking longer stays than usual,” said Spa Eastman President Jocelyna Dubuc.
Store owners are also rubbing their hands. According to an online survey by the Quebec Retail Council, 36% of Quebecers have planned to shop for Valentine’s Day this year. This represents an increase of 9% compared to 2021. Flowers, jewelry, chocolates: Quebec couples should spend an average of $243 this year to celebrate this holiday.
Reopened since the beginning of the month, many restaurants in Quebec will be able to benefit from an interesting traffic. According to the Association Restauration Québec, 27% of Quebecers used to celebrate Valentine’s Day at a restaurant in 2018. Despite this, the 50% occupancy limit, in effect until March 14, will prevent many restaurants to experience a profitable recovery.
Of the benefit of divorce
So love “rolls the economy”! But do not be naïve: it can also be expensive. According to a TD Bank Group survey of 1,751 Canadians, 74% of divorced people consider their financial situation to be better or equal since going their separate ways. We can also wonder if trust reigns among lovers, since 28% of respondents to the same survey admitted to hiding a financial secret from their better half.
In their new book, The Love Invoice, Pierre-Yves McSween and Paul-Antoine Jetté dissect how marital finances affect romantic relationships. In particular, we learn that couples whose credit rating spread is equal to or greater than 66 points are 24% more likely than others to separate during the two to four years following the start of the relationship. This statistic is taken from a study by the US Federal Reserve and Equifax. “It’s not romantic, it’s statistical,” write the authors.
Beware the heartbreakers
In some cases, unfortunately, you even have to be suspicious of attractive people who shoot their arrows on social networks. According to the Canadian Anti-Fraud Center (CAFC), romance fraud is the type of fraud that has caused the greatest losses to Canadians in 2020. Thus, the 620 victims who reported such a crime lost a total of $ 18.5 million . “A fraudster tricks you into having a virtual online relationship with them in an effort to gain your trust and affection,” the CAFC warns on its website.
The documentary The Tinder Scammer, on Netflix, traces a spectacular case of this scheme. Israeli Simon Leviev is said to have seduced many European women through dating apps, posing as a successful businessman and showering them with luxury, then asking them to send him thousands of dollars on the pretext of emergency situations. The Norwegian media VG published a detailed investigation in 2019, which highlighted the emotional and financial consequences for the victims.
To end on a good note, know that a zoo in the United Kingdom has found an original way to raise funds on Valentine’s Day: allow you to get revenge on your ex by naming a cockroach after him!
This text is taken from our newsletter “The mail of the economy” of February 14, 2022. To subscribe, click here.