‘Love-conomy’: why you feel the obligation to spend money this Valentine’s Day
This article explores the commercialization of Valentine's Day through the concept of 'Love-conomy,' which describes how emotional bonds influence consumer spending habits.
Valentine's Day has evolved into a significant commercial event across various markets, driven by digital globalization and shifting consumer habits. Experts are referring to this trend as 'Love-conomy,' which encompasses the idea that emotional connections are increasingly dictating spending behavior during such occasions. This phenomenon illustrates that shopping behavior is no longer restricted to local economies but has been transformed into a global marketplace influenced by constant exposure to social media content.
Chema Lamirán, the director of the Master in Digital Marketing at the European University, argues that purchasing processes now transcend local dynamics. With the omnipresence of social media, celebrations like Valentine's Day have broadened their reach to various countries, leading to a collective transformation in how people engage with these dates. Lamirán draws parallels with other commercially extensive occasions, such as Black Friday, which also originated in the United States but has rapidly gained traction worldwide due to social media's powerful influence.
The article highlights the interconnectedness of consumer behavior across borders and raises questions about the implications of such a globalized approach to traditionally local events. As emotional engagements continue to motivate spending, understanding the impact of social media and global marketing on local traditions becomes increasingly crucial for both consumers and marketers alike.