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. While consumers overall are prioritizing gifts for partners and spouses this year, they are not neglecting the other special relationships in their lives.
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.
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.
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.
Observations also show a correlation between price and perceived quality, with some customers willing to splurge to please their significant other. Marketing communications foster a sense of togetherness for some, portraying images of couples participating in shared activities and experiences.
The National Retail Federation estimates Americans will spend about $25.8 billion on the holiday this year – just a tick down from $25.9 billion last year.
40% said they would spend money on Valentine's Day cards, 39% on flowers, 32% on an evening out and 22% on jewelry. Not only that, Valentine's Day tends to be the most popular day to get engaged. Spending differs by gender and age. Men spend more on Valentine's Day ($200+), while women usually spend less.
This statistic displays the average expected spend on Valentine's Day in the United States as of January 2022, by age group in U.S. dollars. 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.
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.
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.
According to the survey, candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%) are the top Valentine's Day gift ideas.
For Valentine's Day 2024, roughly half of surveyed U.S. shoppers said they would buy chocolate or candy as a gift for another, making it the most shopped for Valentine's Day gift. About a third of respondents said they intended to purchase flowers.
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.
Valentine's Day is more than just a tradition or a commercialized event. It holds immense value in today's society as it offers a platform for individuals to express their love, appreciate their loved ones, and strengthen their relationships.
As businesses worldwide leverage this celebration to boost their revenue streams and consumers express their affection through various customs and traditions, this holiday's economic impact continues to resonate globally. If you are interested in reading our 2020 Valentines Day blog click here.
Another survey from Trustpilot shared that the V-Day activities will cost you about $157.52 for relationships two years or older. The average planned spending on family members sits at around $131 according to 2023 survey findings from Nasdaq.
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.
When asked what is the most romantic day to propose, a whopping 36% of respondents said Valentine's day - more than any other day of the year. However, this might be down to on-the-spot thinking, as only 8% of proposals actually occurred on Valentine's day - according to our respondents.
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.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
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