Consumers Expected to Spend $19.6B on Valentine’s Day
Americans are expected to spend $19.6 billion for Valentine’s Day this year, up from $18.2 billion spent last year, according to the National Retail Federation and Prosper Insights & Analytics. More than half of the population (55 percent) are expected to celebrate the holiday, with U.S. consumers expected to spend on average $143.56, also up from the $136.57 they spent last year. This is second highest amount expected to be spent, surpassed only by the record set in 2016 of $19.7 billion.
“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops,” NRF President and CEO Matthew Shay said. “With the holidays behind them and the winter months dragging along, consumers are looking for something to celebrate this time of year.”
This year’s survey found consumers plan to spend an average $88.98 on their significant other/spouse ($12.1 billion), $25.29 on other family members such as children or parents ($3.5 billion), $7.26 on children’s classmates/teachers ($991 million), $7.19 on friends ($982 million), $5.50 on pets ($751 million) and $4.79 on co-workers ($654 million). Those 25-34 will be the biggest spenders at an average of $202.76.
Gifts of candy are expected to hit $1.8 billion with 55 percent indicating they will be buying candy, this is up from 50 percent last year.
Even those foregoing Valentine’s Day festivities won’t be left out. More than a quarter (27 percent) of consumers who are not observing the holiday have an alternative in mind such as treating themselves in some way or getting together with family and friends.
“Valentine’s Day has become a holiday consumers take advantage of not only to spoil their loved ones but themselves,” Prosper Executive Vice President of Strategy Phil Rist said. “Shoppers should look out for deals on everything from candy to date-night dinner packages in the coming days, leaving plenty of options for those looking to make the occasion truly special.”