The National Retail Federation predicts that consumers will spend a record $27.5 billion on Valentine's Day this year, driven by increased celebrations and a trend of gifting to friends.
Roses, chocolates, wine — consumers are expected to spend a record $27.5 billion on Valentine's Day this year, according to the National Retail Federation (NRF). This figure comes from the organization's annual survey, which offers insights into holiday spending. The amount is up from last year's $25.8 billion and slightly surpasses the previous record of $27.4 billion set in 2020, the NRF stated.
One contributing factor to the increase in total spending could be that more people are planning to celebrate the holiday this year compared to last year, the survey indicated. There's also a rise in individuals who intend to purchase gifts for their friends on Valentine's Day, in addition to their loved ones. The majority of people will allocate their funds towards candy (56%) followed by flowers (40%), greeting cards (40%), an evening out (35%) and jewelry (22%), the survey revealed. On average, shoppers will spend $188.81 on the holiday, the NRF reported. Even those who don't celebrate the holiday, 28% of people said they still plan to mark the occasion in some way, the survey found.
VALENTINE's DAY CONSUMER SPENDING NATIONAL RETAIL FEDERATION GIFTS HOLIDAY TRENDS
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