Valentine’s Day Spending In US Expected To Rise To $23.9 Bln This Year: Survey

Valentine’s Day spending is expected to increase this year to a total of $23.9 billion in the U.S. from last year’s total of 21.8 billion, according to the annual Valentine’s Day consumer survey released by National Retail Federation or NRF, conducted by Prosper Insights & Analytics.

Valentine’s Day, also called Saint Valentine’s Day or the Feast of Saint Valentine, is celebrated annually on February 14, which first became associated with romantic love during the High Middle Ages as the tradition of courtly love was then flourishing. Lovers expressed their love for each other by presenting flowers, offering confectionery, sending Valentine cards and other gifts on this day.

“Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way,” NRF President and CEO Matthew Shay said.

Consumers are expected to make up for the lost chance to celebrate the day last year due to pandemic-induced lockdown. This year more than half or 53 percent of U.S. consumers plan to celebrate the day in 2022, slightly up from 52 percent in 2021.

According to the survey of 7,728 U.S. adult consumers, this year consumers plan to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021 as many intend to spend more on significant others or spouses.

Out of the Valentine’s Day gift items, Candy will account for more than half (56 percent), while greeting cards will account for 40 percent and flowers 37 percent. These items remain the most popular gift items this Valentine’s Day.

Nearly a third of the respondents or 31 percent say they are planning a special evening outing this year, up from 24 percent in 2021 and just slightly below pre-pandemic levels, for a total of $4.3 billion.

Though traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients are equally more comfortable to head out for a special meal or participating in a new experience than they were a year ago.

Meanwhile, a quarter or 22 percent of respondents are looking to opt for jewelry as a gift for a special someone. Total spending on jewelry is estimated at $6.2 billion, up from $4.1 billion in 2021 and the highest in the survey’s history.

As the survey was conducted during the height of the coronavirus omicron variant spread between January 3 and 11, more than one-third or 41 percent of the consumers plan to purchase their Valentine’s Day gifts online. This is followed by visits to department stores at 32 percent, discount stores at 28 percent, local small businesses at 18 percent and florists at 17 percent.

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