The National Retail Federation and Prosper Insights & Analytics predict that consumers will spend $25.9 billion on Valentine’s Day this year, up $2 billion from last year at $23.9 billion, one of the largest spending years on record.
In the US, over 7,616 adult consumers were surveyed from Jan 3 to Jan 11.
“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF President and CEO Matthew Shay said. “This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices.”
The average customer will spend $192.80 on festivities, which is more than half (52%) of consumers –t he second-highest amount since NRF and Prosper began keeping track of Valentine’s Day spending in 2004; this is an increase from $175.41 in 2022.
“Men, in particular, are more likely to give a gift of experience compared with last year,” Prosper Executive Vice President of Strategy Phil Rist said. “Another notable finding is more than half of consumers say they will take advantage of sales and promotions as they celebrate Valentine’s Day this year.”
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