The National Retail Federation expects consumers to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022.
In its annual survey released today by the National Retail Federation and Prosper Insights & Analytics, 52% of respondents said they plan to celebrate. They will spend an average of $192.80, up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004. Spending plans involving significant others and family members are in line with last year, but many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, as well as classmates or teachers.
Consumers aged 35 to 44 plan to outspend other age groups, allocating $335.71 on average for gifts and other Valentine’s Day items, $142.91 more than the average consumer celebrating the holiday. Similar to recent years, the top shopping destination to purchase Valentine’s Day gifts is online, at 35%, followed by department stores, at 34%, discount stores, at 31%, and specialty stores, at 18%.
Even those who don’t plan to celebrate Valentine’s Day will spend, with 28% of the respondents planning to mark the occasion in some way, seeking non-Valentine’s gifts, treating themselves to something special or planning a get-together or evening out with single friends and family members.
“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF president and CEO Matthew Shay, said in announcing the survey results. “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.”
Prosper executive vp of strategy Phil Rist added. “Men, in particular, are more likely to give a gift of experience compared with last year. 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.”
