Q

How American Consumers Plan to Celebrate Valentine’s Day

Top view photo of valentines day decorations
Photo credit: Cedar - stock.adobe.com

U.S. consumers plan to show their loved ones just how much they care this Valentine’s Day. Consumers’ overall spending on significant others is poised to reach $14.2 billion, a record according to a new survey from the National Retail Federation and Prosper Insights & Analytics. Each consumer plans to spend $185.81, nearly $8 more than average Valentine’s Day spending over the last five years.

Top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). Spending is going to reach a record high for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and going out ($4.9 billion).

Online storefronts will once again be the primary destinations for Valentine’s Day shopping (40%, up from 35% last year). Consumers also plan to shop in department stores (33%), discount stores (31%) and florists (17%).

 

Prioritizing Significant Others

Overall, the research indicates that celebration plans are relatively on par with previous years: 53% plan to celebrate Valentine’s Day this year, compared to 2023’s 52%. Total spending for the holiday ($25.8 billion) is also on par with previous years and is the third-highest in the survey’s history.

However, the most notable shift is for whom consumers are shopping. Last year, consumers used Valentine’s Day to celebrate all special relationships – from pets to friends and co-workers. This year, while consumers still value these non-romantic relationships in their lives, they are prioritizing gifts for significant others.

“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” said Phil Rist, EVP of Strategy for Prosper Insights & Analytics in a statement. “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.”

Even those who do not significant plan to celebrate the holiday in some way (29%) by treating themselves to something special or planning an evening out with friends and/or family members.

How American Consumers Plan to Celebrate Valentine’s Day

by | Feb 9, 2024

Top view photo of valentines day decorations

U.S. consumers plan to show their loved ones just how much they care this Valentine’s Day. Consumers’ overall spending on significant others is poised to reach $14.2 billion, a record according to a new survey from the National Retail Federation and Prosper Insights & Analytics. Each consumer plans to spend $185.81, nearly $8 more than average Valentine’s Day spending over the last five years.

Top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). Spending is going to reach a record high for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and going out ($4.9 billion).

Online storefronts will once again be the primary destinations for Valentine’s Day shopping (40%, up from 35% last year). Consumers also plan to shop in department stores (33%), discount stores (31%) and florists (17%).

 

Prioritizing Significant Others

Overall, the research indicates that celebration plans are relatively on par with previous years: 53% plan to celebrate Valentine’s Day this year, compared to 2023’s 52%. Total spending for the holiday ($25.8 billion) is also on par with previous years and is the third-highest in the survey’s history.

However, the most notable shift is for whom consumers are shopping. Last year, consumers used Valentine’s Day to celebrate all special relationships – from pets to friends and co-workers. This year, while consumers still value these non-romantic relationships in their lives, they are prioritizing gifts for significant others.

“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” said Phil Rist, EVP of Strategy for Prosper Insights & Analytics in a statement. “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.”

Even those who do not significant plan to celebrate the holiday in some way (29%) by treating themselves to something special or planning an evening out with friends and/or family members.