Today (Wednesday) is the night before the lunar New Year's Eve in China. It's also Valentine's Day. Shops all over Shanghai are competing with one other to get more people to come in and buy gifts for their soul mates on the romantic holiday that originated in the west. The competition is getting tougher but there are plenty of sweetheart deals waiting to be made. Our reporter Chen Tong has the story.

Red roses, pink roses, all different colors of roses. This flower shop in Shanghai's Xintiandi is ready for Valentine's Day. And this year, they are promoting a special offer for preserved flowers -- 999 yuan a bunch. It's not cheap, but there are plenty of boys coming to buy.

ZHOU JUE, COO SHANGHAI LA MODA INVESTMENT MANAGEMENT "Valentine's Day is definitely a good marketing day. The number of customers increases, and they spend more. Men are sure to splurge on their girls."

CHEN TONG SHANGHAI "Valentine's Day is definitely the best holiday of the year for flower shops. The number of buyers doubles, and the number of flowers sold can triple. But flowers aren't the only way to make money on Valentine's Day. Restaurants also do very well, especially western restaurants. This one in Shanghai's Gubei features roses all year round, but to do better than that for Valentine's Day, it's added 1,000 heart-shaped balloons."

The restaurant even has a special menu for Valentine's Day -- 2,199 yuan for two. The reservation list is full.

LISA RONG, OWNER MOLO RONG "We were afraid that everyone would be going home for the Chinese New Year, but it turns out couples are even more excited today. The holiday starts tomorrow, so couples are celebrating Valentine's Day first and then the Chinese New Year. It's an excellent marketing opportunity for western restaurants."

CHEN TONG SHANGHAI "The western holiday of Valentine's Day has been popular in China for decades, with shops all over town thinking up new ways to attract everyone to buy something for that attractive partner. It's a competitive market, but still good business."

"We will definitely go out to eat on Valentine's Day. Why not? We usually have western cuisine or Japanese food."

"If a couple is just getting to know one another, going out for a meal is a way to strengthen the relationship."

A survey from research company Oliver Wyman shows Chinese consumers are spending an average of 2,000 yuan on this year's Valentine's Day, a year-on-year increase of ten percent. Though Valentine's Day originated in the west, market observers say Chinese consumers are spending more and more on the day, all thanks to China's expanding social media.

EDOUARD DE MEZERAC, PARTNER OLIVER WYMAN "What is quite different here than any other country is the importance of digital. So the sharing and the socializing, the experiencing, brands are finding new ways convincing consumers, showing consumers something different can be done. The amounts of moments share, the amount of experience shared through digital platform is more than any other countries. The digital aspect is making it very different in China."

A report from bank card payment processor MasterCard shows consumers in the Chinese mainland spend the most in the Asia-Pacific region on Valentine's Day. Hong Kong is second.