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/
NRF's data shows that consumers are planning to spend a new high of $14.2 billion on their significant others or spouses this year, or a record $101.84 per person.
This display of love will not come cheap. 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?
Beyond The Classic Heart-Shaped Bouquet And Chocolates
While flowers, candy and greeting cards still top the list of main gifts, younger generations are shifting the way Valentine's Day is being celebrated, looking beyond traditional gifts.
On average, U.S. consumers aged between 35 and 44 stated that they planned to spend about 280 U.S. dollars on Valentine's Day, making them the leading spenders of 2022. This age group was closely followed by 25 to 34-year-olds who planned to spend approximately 245 U.S. dollars on the most romantic day of the year.
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.
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.
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.
Average household spending on Valentine's Day is likely to fall 3.6% this year, while total U.S. consumer spending for the holiday is expected to fall slightly to $25.8 billion, according to the National Retail Federation.
While candy and greeting cards remain the most popular Valentine's gifts, consumers are also setting records on spending for jewelry, flowers, clothing and an evening out this year as they celebrate the romantic relationships in their lives.
Despite this dip in individual spending, shoppers are estimated to spend just as much as last year, a collective $25.8 billion, buoyed by record-breaking spending on flowers, jewelry, and hitting the town.
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.
Although cards are usually given in combination with other gifts like flowers or chocolates, more than 52% of consumers will present their loved ones with a Valentine's Day card. You can score some extra points by personalizing your card with a photo or heartfelt poem.
A thank you card is a classic choice for client appreciation on Valentine's Day! First, choose or create a themed card that will impress your clients with your attention to detail. Second, include a hand-written message to make it personal. Last, always include that you are looking forward to seeing them again.
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. Many people like to exchange cards on this holiday as a way to express their feelings and affection for their loved ones.
Nostalgic jewelry is trending, particularly lockets for holding cherished memories. Worn patinas and vintage styles make them romantic and practical. Heartfelt charms on necklaces are gaining popularity too, with charm options to cater to various interests, from sports to cooking, adding a personal touch to the trend.
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