Valentine’s Day Spending to Hit $26 Billion in 2023 — Retail Bum

Consumers will spend $25.9 billion on Valentine’s Day this year, making 2023 one of the highest spending years on record.

More than half of consumers are planning to celebrate this year and spend an average of $192.80, up from $175.41 in 2022, according to a survey of 76,16 U.S. consumers conducted by the National Retail Federation and Prosper Insights & Analytics. In particular, consumers in the 35 to 44 age bracket will spend more than other age groups, with the average person spending $335.71, which is $142.91 more than others.

“Men, in particular, are more likely to give a gift of experience compared with last year,” said Prosper Executive Vice President of Strategy Phil Rist. “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.”

The survey data show that 35% of consumers plan to purchase their Valentine’s Day gifts online this year, followed by department stores (34%), discount stores (31%), and specialty stores (18%). Some of the most popular gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%), and clothing (19%). About a third of consumers are also choosing to gift an experience to their loved one, up from 26% last year.

Even consumers who do not plan to celebrate the day this year plan to mark the occasion by giving themselves a gift or planning a get-together or evening out with friends and family.

Originally published at https://retailbum.com on February 13, 2023.