According to the latest edition of an annual survey released by the National Retail Federation and Prosper Insights & Analytics, Valentine’s Day spending should reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest total on record.
Shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts this year, up from $164.76 in 2021, with the focus on significant others or spouses. Candy, greeting cards and flowers are top gift segments under consideration by Valentine’s Day shoppers, followed by experiential gifts such as a night out, a category that gained significantly year over year to 31% in 2022 from 24% in 2021.
Digital remains the most popular shopping channel for Valentine’s Day this year, visited by 41% of potential shoppers, with department stores next up at 32%, discount stores at 28%, local small businesses at 18% and florists at 17%.
“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF president and CEO Matthew Shay said, announcing the survey results. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”
