In our country in 2016 we stacked up some amazing statistics on spending our money for Valentine’s Day. We thought you might find the numbers interesting. Americans reportedly spent $19.7 Billion in 2016 for the holiday. Here’s how they spent some of it according to the National Retail Federation.
More than 54.8% of our population celebrated this romantic holiday. The biggest spenders are 25 – 34 year olds with an average of $234.00. The 35 – 44 years olds were second at $187.00.
Jewelry $4.5 Billion
Evening out $4.4 Billion
Flowers $1.98 Billion
Candy $1.76 Billion
Cards $1.14 Billion
The top three locations for Valentine’s Day spending are:
According to the Valentine's Day Consumer Intentions and Actions Survey, 53 percent of women would end a relationship if they didn’t get something on Valentine’s Day.
About 81 percent of American consumers eat chocolate, so it’s not surprise the candy industry has a strong presence during Valentine’s Day. Almost 50% of consumers day they will be giving candy as a present this year, with sales expected to reach $1.7 billion.
Consumers are not just spending money on their significant others. According to the National Retail Federation, consumers spend an average of $27.79 on other family members like their children and parents. With a variety of parties and events held on Valentine's Day, it’s also common for consumers to spend money on teachers, classmates, and even co-workers.
Many pet retailers use this time for marketing to pet owners, too. Consumers will spend nearly $681 million on treats and toys for their pets on Valentine’s Day, which is double what pet owners spent on Halloween costumes.
However you choose to celebrate Valentine’s Day we wish you a great time with those you love and care about. When you need some good information about your personal or business insurance, we invite you to call us. Contact us.
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