Based on research from the National Retail Federation, Valentine’s Day shoppers will add $27.4 billion to our nation’s economy.
According to The Balance, our spending on valentines impacts several areas.
- Rising Valentine’s Day sales over the past 10 years point to increasing consumer confidence and a growing, robust economy.
- The bulk of Valentine retail sales come from both department store and online store purchases.
- Gift giving is not limited to one’s significant other. It includes family members, friends, co-workers and classmates, and even pets.
The biggest share of Valentine’s spending still goes to spouses and significant others at 52 percent of the total, or an average $101.21 this year, up from $93.24 in 2019.
The younger spends
The youngest Valentine’s shoppers surveyed in the NRF survey – those ages 18-24 – plan to spend an average $109.31. But those 25-34 – old enough to have higher incomes and children to buy for – expect to spend $307.51 and are topped out by those 35-44 as the biggest spenders at $358.78. As in each year of the survey, men plan to spend more than women at $291.15 compared with $106.22.
How the spend is split
|
Item |
Amount |
% of Population |
|
Jewelry |
$5.8 billion |
21 |
|
Evening Out |
$4.3 billion |
34 |
|
Candy |
$2.4 billion |
52 |
|
Flowers |
$2.3 billion |
37 |
|
Gift Cards |
$2 billion |
19 |
|
Greeting Cards |
$1.3 billion |
43 |
Just a reminder
If you are participating in Valentine’s Day this year, now would be a great time to be making reservations, ordering gifts, and getting yourself organized.
Dean and Draper
We wish you a great Valentine’s Day. We’re here for you when you have questions about your insurance, too.
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Sources: National Retail Federation, The Balance