Presented by: Executive Wealth Management
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Valentine’s Day is reverting to its cherished romantic customs, with spending on partners expected to surge to a new high of $14.2 billion, as forecasted in the yearly survey by the National Retail Federation and Prosper Insights & Analytics.
Leading gift choices are candy (57%), greeting cards (40%), flowers (39%), dining out (32%), jewelry (22%), apparel (21%), and gift cards (19%). Record-breaking expenditures are forecasted for jewelry ($6.4 billion), flowers ($2.6 billion), apparel ($3 billion), and dining experiences ($4.9 billion). A total of 53% of consumers intend to take part in Valentine’s Day celebrations, consistent with last year’s 52%. The overall expenditure for Valentine’s Day is expected to match last year’s at $25.8 billion, ranking as the third highest in the history of the survey. The age group 25-34 shows the highest participation rate at 62%.
On average, consumers are predicted to spend $185.81, which is almost $8 more than the average spending for Valentine’s Day over the past five years.
Last year, Valentine’s Day was an occasion for celebrating various important relationships, from pets to friends and colleagues, with spending patterns reflecting this diversity. This year, while still valuing non-romantic connections, there’s a stronger focus on purchasing gifts for significant others.
Online shopping remains the top choice for Valentine’s Day gift purchases at 40%, an increase from 35% last year, followed by department stores (33%), discount stores (31%), and florists (17%).
Even among those who do not celebrate Valentine’s Day, 29% plan to acknowledge the day in some manner, whether by indulging themselves, organizing a gathering, or enjoying an evening out with single friends or family.
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Watts, Lottie . “Valentine’s Day Spending on Significant Others to Reach New Record, NRF Survey Shows.” National Retail Federation, 29 January 2024, nrf.com.
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