Nearly 55 percent of consumers will celebrate Valentine’s Day, spending an average of $146.84 on flowers, jewelry, candy, clothing, and more, up from $142.31 last year. Total spending is expected to reach $19.7 billion, according to a survey for the National Retail Federation.
When it comes to the top gifts this Valentine’s Day, 50 percent of consumers surveyed said they plan to buy candy, spending a total of $1.7 billion.
Nearly four in 10 of those celebrating the holiday plan to treat their dates to a night out at a restaurant, tickets to a show, or another experience, spending a record total of $4.5 billion, the highest since the federation began tracking spending on gifts in 2010.
Another $4.4 billion will be spent on necklaces, earrings, and other jewelry items, with nearly one in five planning to treat their significant other or family member to something precious.
Nearly half of those celebrating will spend $1.1 billion on greeting cards. In addition, about $2 billion will be spent on clothing and $1.9 billion will be spent on flowers.
Americans’ husbands, wives, and significant others will be getting special recognition this Valentine’s Day. According to the survey, 90.8 percent of consumers said they would buy something for their significant other/spouse and are planning to spend an average of $89.86, up from $87.94 last year. Total spending on significant others/spouses is expected to reach $12 billion.
In addition, consumers will spend an average of $27.79 on other family members such as children and parents, $7.08 on children’s classmates and teachers, and $5.83 on co-workers.
Pets aren’t being forgotten for the celebration. Consumers will spend $681 million to treat their pets to Valentine’s Day surprises.
For the first time, the federation’s survey asked consumers about their hope to receive and plans to give a gift of experience. Twenty-four percent of those surveyed said they plan to give a gift of experience such as tickets to a concert, a spa service, or an art lesson, while nearly four in 10 said that they would love to receive a gift of experience, according to the survey.
