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In the UK, it is estimated that 60% of the population will celebrate Valentine’s Day this year, each spending around £52 on gifts and other romantic gestures. The total spend in the US will be about $27bn (£22bn), including roughly $500m on roses.

So the tradition of spending money on your romantic partner on 14 February seems fairly well established. But it is hard to know exactly when the link began.

Up until the late 14th century, Valentine’s Day was solely a commemoration of his martyrdom. The shift toward an association with romantic love emerged in the Middle Ages, and is often attributed to the poet Geoffrey Chaucer, who linked Valentine’s Day to romance in his poem Parliament of Fowls.

But it was the 19th century industrial revolution which brought about the mass production of romantic gifts. Cadbury was the chocolate maker to commercialise the association between romance and confectionery by producing heart-shaped boxes of chocolates for Valentine’s Day in 1868. These boxes were decorated with images of Cupid, roses and hearts, and would sometimes be kept to store romantic letters and mementos.

And while Hallmark did not invent the occasion, it played a big part in bolstering its popularity by selling Valentine’s Day postcards in 1910, and then printing its own greetings cards from 1916.

Now in the US, around 145 million Valentine’s Day cards are exchanged each year, making it the second largest annual occasion for card giving (after Christmas).

But it’s not just car sellers, florists and chocolate-makers who seek to benefit from the commercial opportunities Valentine’s Day provides. This year for example, Ikea has partnered with a dating app to give nine British couples a “once-in-a-lifetime” first date in an Ikea store, where they will share a meatball dinner for two in bed.

Lego has launched a travelling campaign in major cities around the world to show off its floral designs, and Coca-Cola has teamed up with a fast-food brand to create a Valentine-themed drive-thru experience.

Chocolate and marshmallows

These kinds of one-off marketing campaigns are only possible thanks to a long history of Valentine’s traditions, which vary around the world.

In Japan for example, it is a two-part celebration. On 14 February, women often give “Giri-choco” (“obligation chocolate”) to friends and colleagues, while “home-choco” (“true-feeling chocolate”) is reserved for romantic partners. On 14 March, known as White Day, men reciprocate by giving jewellery and less-expensive gifts that are white (marshmallows are a popular choice).

Celebrations in South Korea are similar to those in Japan, but with the addition of Black Day on 14 April when single people gather at restaurants to eat black noodles (jajangmyeon). In the Philippines, Valentine’s Day is marked by mass weddings organised by the government.

In Finland and Estonia, Valentine’s Day is known as “Friend’s Day” with the focus on celebrating non-romantic love and friendship. A similar idea, “Galentine’s Day", which featured in a 2010 episode of the US sitcom Parks and Recreation, has become a popular way of celebrating female friendship.

Love for sale

Of course, not all consumers enjoy Valentine’s Day rituals. For many, there is pressure attached to romantic shopping, while for others it is just an unwelcome reminder of their single status.

It can also bring social pressure, and lead to feelings of obligation and self-loathing.

But there is a market for that too. Anti-Valentine’s day sentiment has inspired other ways to (not) celebrate, including a box of chocolates aimed at single people.

And it can be a very valuable day for businesses, large and small. With high levels of participation and spending, Valentine’s Day brings a major surge in revenue for sectors including retail, hospitality and entertainment.

So although it might not sound very romantic, it’s worth remembering that while money can’t buy you love, love can provide a significant boost to the economy.

This article is republished from Conversation under a Creative Commons license. Read the original article.