NRF: Valentine’s Day Spending to Reach $25.8B
Valentine’s Day spending on significant others is expected to reach a record $14.2 billion this year, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. Overall, consumers plan to spend $25.8 billion to celebrate Valentine’s Day, on par with last year’s spending and the third highest in the survey’s history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group. Over half of consumers (53 percent) plan to celebrate Valentine’s Day this year, on par with 52 percent last year.
Consumers expect to spend $185.81 each, on average, nearly $8 more than the average Valentine’s Day spending over the last five years. Online continues to be the most popular destination to shop for Valentine’s Day gifts, with 40 percent opting for e-commerce (up from 35 percent last year). Consumers also plan to head to department stores, discount stores and florists. The top gifts include candy, greeting cards, flowers, an evening out, jewelry, clothing and gift cards. New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion), and an evening out ($4.9 billion).
Total Retail's Take: While consumers still value the nonromantic relationships in their lives, they're prioritizing gifts for significant others this Valentine's Day. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories,” commented NRF President and CEO Matthew Shay. Last year, consumers used Valentine’s Day to celebrate all the special relationships in their lives — from pets to friends and co-workers.
“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics — candy and greeting cards,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”
Among those not celebrating Valentine’s Day, 29 percent still plan to mark the occasion in some way. Many will treat themselves to something special, while others will plan a get-together or evening out with their single friends or family members.
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.