Valentine’s Day is here once again and for many Americans it’s the perfect time to let their loved ones know how much they care. To do that, consumers are reportedly planning to spend more money than ever on cards, flowers, jewelry, and other items.
According to National Retail Federation, total spending this Valentine’s Day is expected to reach $25.9 billion – a record high. This yearly tradition of love has grown drastically over the years as couples look for new ways to show appreciation towards each other while also celebrating their love story.
It appears that adults aged 35 to 44 are the most enthusiastic this February when it comes to celebrating Valentine’s Day.
In fact, they plan to dish out an average of $336 for the occasion, which is significantly higher than last year’s numbers, reported by CNBC. Those aged 25 to 34 follow suit with a more reserved yet still generous average expenditure of $238.
When taken together, these two age groups considerably exceed the national average for Valentine’s Day spending at $193.
“This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices,” stated NRF President and CEO Matthew Shay.
Love is in your wallet.
With Valentine's Day next week, Americans are expected to spend ~$26B on gifts for the holiday.
The average American will spend $192.80, up from $175.41 in 2022. (@CNBC) pic.twitter.com/A9UXMJdjyz
— Morning Brew ☕️ (@MorningBrew) February 8, 2023
Break-down of Valentine’s Day spending
According to National Retail Federation, shopping habits have shifted due to the pandemic – with 35% of shoppers opting to shop online.
Department stores (34%), discount stores (31%), and specialty stores (18%) also remain popular shopping spots.
Those who wish to get their significant other something extra special will likely give candy (57%), greeting cards (40%), or flowers (37%). For those that want to show extra appreciation, gifts of jewelry (21%), gift cards (20%), or clothing (19%) may be offered.
Moreover, Americans may spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out this Valentine’s Day season.
“Men, in particular, are more likely to give a gift of experience compared with last year,” Prosper Executive Vice President of Strategy Phil Rist said. “Another notable finding is more than half of consumers say they will take advantage of sales and promotions as they celebrate Valentine’s Day this year.”
Inflation and people’s spending on this Valentine’s Day
Despite the ever-increasing cost of living, some things remain a constant – like love. According to new data from Popmenu, a majority of consumers plan to spend the same amount or more on Valentine’s Day this year despite inflation pushing restaurant menu prices 8% higher than last year.
The figures stand out when you look at spending habits between men and women; 27% of men say they’re going to spend more on their partners compared to 15% for women, with most budgeting the same as last year.
However, negative signs show, too, with 25% of men and 30% of women expecting to splurge less in comparison. It appears that no matter the economic circumstances, nothing can get in the way of affection during Valentine’s Day.
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