Americans plan to spend more than $5.5 billion on jewelry for Valentine’s Day this year, according to the National Retail Federation.
The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%).
Overall, consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record, according to a survey released this week by NRF and Prosper Insights & Analytics.
“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF President and CEO Matthew Shay said. “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.”
More than half (52%) of consumers plan to celebrate and will spend an average of $192.80. This is up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004. While spending on significant others and family members is in line with last year, 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, along with classmates or teachers.
Those aged 35 to 44 plan to outspend other age groups, allocating $335.71 on average for gifts and other Valentine’s Day items, approximately $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 (35%), closely followed by department stores (34%), discount stores (31%) and specialty stores (18%).
NRF conducted the survey of 7,616 U.S. adult consumers Jan. 3 through Jan. 11. The survey has a margin of error of plus or minus 1.1 percentage points.