Valentine's Day Retail Spending to Hit Record $14 Billion (2024)

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Valentine's Day Retail Spending to Hit Record $14 Billion? ›

Money may not be able to buy you love, but Americans really do like to spend it on their loved ones for Valentine's Day. Spending on the annual lover's day is expected to reach a record $14.2 billion in 2024, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.

U.S. consumers alone are expected to spend $25.8 billion on Valentine's Day this year, according to a survey released by the National Retail Federation and Prosper Insights & Analytics.

Retailers and restaurants are ready to cash in on an expected $25.8 billion for Valentine's Day spending this year, including $14.2 billion consumers will spend on significant others, according to the National Retail Federation (NRF). The total spending estimate is a bit less than the $25.9 billion reported in 2023.

Of the 58 million pounds of chocolate purchased during the week of Valentine's Day, heart-shaped boxes of chocolate, Hershey's Kisses and M&Ms are at the top of the shopping list, according to annual research from sweets retailer CandyStore.com.

WASHINGTON – Valentine's Day spending is expected to reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest year on record, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

Flower companies profit enormously. Throughout the year, Americans purchase flowers for occasions including Mother's Day, Easter and New Year's Day. For Valentine's Day, Americans go big — and in 2024, they're expected to spend $2.6 billion on flowers and floral arrangements.

Valentine's Day Is an Economic Engine

The National Retail Federation (NRF) estimates that 53% of consumers plan to celebrate Valentine's Day, and $25.8 billion will be spent on the holiday this year, or about $185.81 per household.

Consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine's Day spending over the last five years. Last year, consumers used Valentine's Day to celebrate all the special relationships in their lives – from pets to friends and co-workers – and their spending reflected that.

The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024.

Which president lost his wife on Valentine's Day? ›

Death. Roosevelt languished for several hours while her husband held her; dying the afternoon of February 14, 1884, from undiagnosed kidney failure. It was determined that her pregnancy had masked the illness.

One Valentine was a priest in third-century Rome who defied Emperor Claudius II after the ruler outlawed marriage for young men. St. Valentine would perform marriages in secret for young lovers, ultimately leading to his death.

Over 50 percent of all Valentine's Day cards are purchased in the six days prior to the holiday. Teachers receive the most Valentine's Day cards, followed by children, mothers, wives and husbands, sweethearts and pets.

“Mom-and-pop restaurants, local flower shops and small jewelry stores are the ones that really benefit from this holiday,” said Mamun. “There are even customizable candy shops with products you can write a name on.” Despite the benefits to the economy, it is important to note that love should not be measured in gifts.

The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday. So, who was this Saint Valentine to whom they owe the windfall?

Given the average price in supermarkets over the whole year for a dozen roses was a bit over $12, this means people in the U.S. are spending more than $3 billion annually.

According to the National Retail Federation (NRF), 62% of consumers ages 25-34 plan to celebrate Valentine's Day in 2024. The projected total in general for spending is $25.8 billion, while the projection for spending specifically on significant others is $14.2 billion.

Hong Kong couples spend the most on Valentine's Day in the world, according to Statista report. 14th February 2023 – (Hong Kong) The National Retail Federation predicts that total spending on Valentine's Day will rise 8 percent to US$2.6 billion this year, making it the second-largest year on record.