The Latest Trending Economic News Curated for You by Balmoral Group Australia
Welcome dear readers!
After a couple of weeks away, we're back with a special edition of the EP.
There are lots of reasons to celebrate today. It's been exactly 20 years since youtube.com first launched its domain name and 25 years since Voyager 1 took a photo of the "Pale Blue Dot" from 6 billion kilometres away ... or perhaps we should celebrate the release of the original Dracula movie in 1931? I kid of course, today is actually about the decimalisation of Australian currency, when we switched from the pound to the dollar in 1966.
Happy Valentine's Day from BGA! Today we bring you an economic perspective on Valentine's Day from its macroeconomic and environmental impacts to the microeconomic theory of dating. Check out this week's articles for some interesting and topical reads.
All economists think in terms of constrained optimisation. Today I'm working through one of those problems: how I can maximise the impact of my Valentine's Day gift subject to my budget, or more importantly, subject to what I can morally tolerate paying for overpriced assembly line plushies and flowers? The answer is to buy on February 15th.
Have a great day and an even better weekend!
Last-minute lovers to splurge on flowers in Valentine’s Day dash
Lovestruck Australians are expected to spend more than $21 million on Valentine’s Day flowers this year but new spending insights from NAB reveal we are a nation of last-minute lovers. New data from Australia’s largest business bank, NAB, reveals spending at florists ramps up two days ahead of 14 February but doesn’t peak until Valentine’s Day itself when hasty hearts put the petal to the metal: Read about it here.
How to Date Like a Game Theorist
Last summer, a video went viral showing a guy asking a girl out on a date via drone after seeing her dancing on a neighboring rooftop. Because the invitation came at the height of the first COVID-19 lockdown, they began the date with a socially distanced dinner on their respective roofs, and later went for a romantic walk wearing a full-body bubble suit while the world watched over TikTok. The video perfectly visualized that in 2020 the costs of finding a new partner had suddenly skyrocked. Read more here.
Love-struck Aussies ready for romance this Valentine’s Day
Love is in the air for Australians as shoppers wear their hearts on their sleeves and prepare to spend a record $535 million on Valentine’s Day gifts for their loved ones. Read more here.
The environmental impact of cut flowers? Not so rosy
Blooms are a booming business, and the global cut flowers industry is worth up to $55 billion USD a year, according to Rabobank. In the US alone, Mother’s Day accounts for 26 percent of all holiday purchases of cut and potted flowers, on par with Christmas and Hanukkah and exceeded only by Valentine’s Day. But behind the beautiful bouquets can be significant environmental and human costs. Read more here.
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