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.