Love (and money) is in the air as Valentine’s Day is next week.
This Valentine’s Day, Americans are expected to collectively spend $14.2 billion on their significant other, according to an annual survey conducted by the National Retail Federation and Prosper Insights and Analytics.
“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” Matthew Shay, president and CEO of the National Retail Federation, said in a statement. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
The survey, which was conducted in early January, asked 8,329 adults about their Valentine’s Day shopping plans. The survey had a margin of error of 1.1%.
Some of the top gifts people love to spoil their partner(s) with include candy, greeting cards and flowers, according to the National Retail Federation. This Valentine’s Day, Americans are expected to set new spending records with a collective expenditure of $6.4 billion on jewelry, $2.6 billion on flowers, $3 billion on clothing and $4.9 billion on an evening out.
More than half of all consumers, 53%, plan to celebrate the holiday this year, close to last year’s 52%, the National Retail Federation reported.
This year, consumers are expected to spend a total of $25.8 billion on Valentine’s Day. This is nearly the same amount of spending as last year and the third-highest reported spending in the history of the National Retail Federation’s annual survey.
Valentine’s Day is trendy among older millennials, who are people between 25 and 34 years old, according to the Brookings Institution. Nearly 60% of them plan to celebrate the holiday this year, more than any other age group, the National Retail Federation reported.
Consumers will spend an average of $185.81 on Valentine’s Day this year, nearly $8 more than the average spending on Feb. 14 for the past five years, according to the trade group’s data.
The Internet is the most popular destination to buy a gift for Valentine’s Day, with 40% of consumers planning to shop online, up from 35% in 2023, the National Retail Federation reported. Close to 30% of consumers plan to get a gift from department and discount stores, respectively. Meanwhile, 17% of consumers will get a gift from a florist.
“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” Strategy Phil Rist, the executive vice president of Prosper Insights and Analytics, said in a statement. “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”
For those who are not celebrating Valentine’s Day this year, nearly 30% of these people still want to acknowledge the holiday in some way, the National Retail Federation reported. Many of those people will treat themselves to something special, while others will host a get-together with their friends and family.
