Valentine’s Day Spending on Significant Others to Reach New Record, NRF Survey Shows (2024)
“With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories."
NRF President and CEO Matthew Shay
WASHINGTON – Valentine’s Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and an evening out ($4.9 billion).
Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Overall, consumers plan to spend a total of $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.
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. This year, while consumers still value the non-romantic relationships in their lives, they are prioritizing gifts for significant others.
Online continues to be the most popular destination to shop for Valentine’s Day gifts at 40%, up from 35% last year. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).
“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% 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.
The survey asked 8,329 adult consumers about their Valentine’s Day shopping plans. It was conducted Jan. 2-8 and has a margin of error of plus or minus 1.1 percentage points.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
About NRF The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
About Prosper Insights & Analytics Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries. We provide global authoritative market information on U.S. and China consumers via curated insights and analytics. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper helps companies accurately predict consumers’ future behavior to help identify market behaviors, optimize marketing efforts, and improve the effectiveness of demand generation campaigns. https://prosperinsights.com/
WASHINGTON – Valentine's Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
The remaining $11.6 billion will be spent on family and friends. With inflation easing slightly and unemployment remaining low, consumers may find more bang for their buck this year. Looking at data from surveys by Trustpilot, Driver Research, and NRF, most consumers expect to spend somewhere between $157.52 and $192.
For some, the holiday may serve as a source of joy and connection, strengthening bonds with loved ones. For others, it may exacerbate feelings of loneliness, isolation, or unworthiness. Valentine's Day can also pose challenges for individuals who have endured trauma or loss in past relationships.
SALT LAKE CITY — According to the National Retail Federation, the average American will spend about $185 celebrating Valentine's Day this year. The nation as a whole spends an estimated $25.8 billion.
60% of Americans planned to buy greetings and gift cards (NRF report 2023). Therefore, they are the top-selling items for Valentine's Day, especially if they are unique or personalized.
Driver's data finds those who are in one to two-year relationships are the most susceptible to high prices. They will be dropping $247 on average, whereas those together for less than a year will be spending $186. Those who've been at each other's sides for over ten years will spend about $189.
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.
Another common legend states that St.Valentine defied the emperor's orders and secretly married couples to spare the husbands from war. It is for this reason that his feast day is associated with love.
It originated as a Christian feast day honoring a martyr named Valentine, and through later folk traditions it has also become a significant cultural, religious and commercial celebration of romance and love in many regions of the world.
A new survey by One Poll showed that half of men questioned expected their partner to put in max effort for Valentine's Day. Only 36% of women felt the same. In Today's Talker — it seems men care more about Valentine's Day than women do.
A stat from another Valentine's Day spending survey from WalletHub really drives this home: Women are 33 percent more likely than men to spend nothing, while men are twice as likely to spend over $100. And in 2018, men spent almost twice as much as women did on a significant other ($196 versus $100).
Some 33% will shop in department stores, while 31% will head to discount stores, and 17% will buy from florists, the NRF notes. Candy (at 57%), greeting cards (40%), and flowers (39%) will be the most popular gifts. But don't discount an evening out, which ranks at No. 4 with 32%.
In 2021, men are expected to spend $6.2 billion more on Valentine's gifts than women, spending an expected $17.1 billion for men compared to $10.8 billion for women. As far as the average gift, men will spend almost double that of more than women.
The 35- to 64-year-old group had, on aver- age, the highest level of total expenditures ($42,236) and spent more than the other two household groups in all major expenditure categories except for alcoholic beverages, health care, and cash contributions.
Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any U.S. generation, with an average annual expenditure of $83,357. The second biggest spenders are Millennials with an average annual expenditure of $69,061. Image: Visual Capitalist.
3. Teachers receive the most valentines, followed by children, mothers, and wives. 4. Pope Gelasius established Valentine's Day in A.D. 500 in an attempt to appropriate the ancient pagan Roman fertility festival, Lupercalia, into Christianity.
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