Love is in the air on this Valentine’s Day and it’s making a dent in the economy with 25 billion dollars expected to be spent on gifts this year. That’s according to the National Retail Federation and Vice President of Consumer Insights Katherine Cullen says that’s the third highest dollar figure in their survey’s history.
“And more than half of that is actually going towards spending on significant others and romantic partners,” said Cullen.
Consumers plan to spend on average $186 for Valentine’s Day this year, that’s up almost $8 more than the average spending over the last five years.
Cullen said lovers will be spending the most on jewelry or an evening out.
“But of course, the most popular gifts remain candy, you can’t get away from this holiday without a box of chocolates, and of course greeting cards,” said Cullen.
And the age group that plans to celebrate more than any other age group, Cupid said it’s ages 25 to 34, or 62% of consumers.
And it’s not just cards, flowers, and jewelry, Cullen said about a third of consumers plan to gift an experience to their special someone.
“That could be everything from a special trip or vacation if you’re really splurging. A spa day, a nice walk together, or just spending time together at home, or something fun like a wine tasting or a painting class,” said Cullen.
The NRF said among those not celebrating Valentine’s Day, 29% still plan to mark the occasion by either treating themselves to something special or planning a get-together with other single friends or family members.
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