Valentine’s Day spending is expected to reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest year on record, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
“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. “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.”
More than half (53%) of US consumers plan to celebrate the holiday in 2022, up from 52% in 2021. More than three-quarters (76%) of those celebrating indicate it is important to do so given the current state of the pandemic.
According to the survey, almost a quarter (22%) will opt to gift jewellery to a special someone. Total spending on jewellery is estimated at $6.2 billion, up from $4.1 billion in 2021 and the highest in the survey’s history.
Shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021. The increase comes as many intend to spend more on significant others or spouses.
Candy (56%), greeting cards (40%) and flowers (37%) remain the most popular gift items this Valentine’s Day.
“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. “This is especially true among younger age groups.”
Online continues to be the most popular shopping destination for Valentine’s Day this year, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18% and florists at 17%.
The survey of 7,728 US adult consumers was conducted from 3rd to 11th January and has a margin of error of plus or minus 1.1% points.