Spending on Valentine’s Day is expected to reach $25.9 billion this year, up by about $2 billion in 2022, according to data released by the National Retail Federation.
The data indicate 52% of Americans are planning on celebrating Valentine’s Day. Those celebrating are expected to spend an average of $192.80 per person.
While spending on a significant other or spouse is expected to essentially be the same as last year, there is expected to be more spending on pets, children’s teachers, co-workers and others.
“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF President and CEO Matthew Shay said. “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.”
What are the most popular gifts for Valentine’s Day, according to the National Retail Federation?
- Candy (57%)
- Greeting cards (40%)
- Flowers (37%)
- An evening out (32%)
- Jewelry (21%)
- Gift cards (20%)
- Clothing (19%)
The National Retail Federation said those age 35 to 44 plan to outspend other age groups on Valentine’s Day.