With a strong holiday spending season in the rear view, it appears as though Valentine’s Day will be the next big spending holiday for consumers. According to the National Retail Federation (NRF), Americans are expected to set another record for Valentine’s Day spending this year as they continue to widen the range of those they’re buying for on that day.
“Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” says NRF President and CEO Matthew Shay. “Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.”
In a consumer survey conducted by the NRF and Prosper Insights & Analytics, those celebrating the holiday said they plan to spend an average $196.31, up 21 percent over last year’s previous record of $161.96. Spending is expected to total $27.4 billion, up 32 percent from last year’s record $20.7 billion.
The increase in total spending comes as the number of people celebrating Valentine’s Day returned to 55 percent, about average for the past decade, after a dip to 51 percent last year.
Shoppers plan to spend $5.8 billion on jewelry (21 percent), $4.3 billion on an evening out (34 percent), $2.9 billion on clothing (20 percent), $2.4 billion on candy (52 percent), $2.3 billion on flowers (37 percent), $2 billion on gift cards (19 percent), and $1.3 billion on greeting cards (43 percent).