The U.S. consumer on average will spend $175.41 on chocolate, flowers and other Valentine’s Day gifts this year.
People say love is expensive, and this year, it’s poised to become even more so with Valentine’s Day chocolate, flowers and dinners costing individual U.S. consumers $175.41 on average and a collective $23.9 billion.
Valentine’s Day this year is set to see the holiday’s second-highest amount of spending on record, according to a new report by National Retail Federation and Prosper Insights & Analytics. While only 53% plan of Americans to celebrate, the average person will spend $175.41 on gifts — up from $164.76 in 2021.
Is This the Pandemic Speaking?
The holiday that many formerly laughed off as “hokey” or too commercial has seen a significant boost during the pandemic — 76% of those celebrating said that it was an important way for them to spark joy during the pandemic.
That is hardly surprising since, in the absence of being able to go out for dinner and travel, many turned to gifts and mini-celebrations in the early days of the pandemic. Holiday spending rose 10.7% between 2019 and 2021 while jewelry sales jumped by nearly 40% during certain popular gifting periods in 2021.
National Retail Federation
While the $27.4 billion spent made 2020 a record year, when it comes to Valentine’s Day spending, the study’s authors expect the higher spending to continue amid new variants and a protracted return to normal.
“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF CEO Matthew Shay said in a statement. “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.”
Candy, Flowers Or Jewelry? (Answer: All Three)
Candy, including chocolates, are, at 56% of all gifts, by far the most popular items to give a friend or loved one. Greeting cards (40%) and flowers (37%) are next, while at 31%, the loosely-defined “evening out” has seen a significant boost as more places reopened. Last year, that number was at 24%.
Another lucky 22% will receive a form of jewelry as their Valentine’s Day gift. As the price of gold and diamonds rise, the collective $6.2 billion to be spent on jewelry is set to be the highest year on record. While 41% will buy their presents online, 32% will go for department stores and 18% will choose small businesses.
“While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago,” Prosper Insights Executive Vice President of Strategy Phil Rist said in a statement. “This is especially true among younger age groups.”
