Valentine’s Day is just around the corner, and consumers are getting ready to splash out on items ranging from food to accessories to cards.
According to a survey done by the National Retail Federation Prosper Insights & Analytics, Valentine’s day spending is expected to reach $25.9 billion this year, up from $23.9 billion last year.
The survey notes that over half of consumers plan on celebrating this year by spending around $192.80 on average. This shows a return to pre-pandemic spending.
People aren’t just spending on family and romance this year. Most are expected to purchase gifts for pets, co-workers, classmates, teachers and friends.
On average, 68% of spending will be on family and significant others and 32% (or $52.65) on friends and others.
The most popular gifts are candy, greeting cards, flowers, nights out, jewelry, gift cards and clothing.
Over $5.5 billion will be spent on jewelry and $4.4 billion on going out.
About 32% of people are expected to gift experiences this year, up from 26% from last year. This is due to the rise in men partaking in the gifting practice.
People ages 35-44 are expected to spend the most on the holiday at around $335.71. Most people have young children or in the early years of their marriage during this age range, which may be why they spend the most.
This year has seen a rise in thrifty shoppers, and holidays are no exception to this trend. Over half of consumers will be taking advantage of Valentine’s Day specials and offers.
Even if they’re not celebrating this year, over 28% of people are expected to spend the night out with friends or shopping for gifts during the holiday.
Valentine’s day may be a polarizing holiday, but it’s clear to see that most people will buy into the hype even if they don’t love to participate.
