3 Reasons Consumers Are Going All Out on Valentine’s Day


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3 Reasons Consumers Are Going All Out on Valentine’s Day

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Whether it’s indulging in a box of chocolates, surprising a loved one with a bouquet of roses, or showing up with a little bling, more than half of Americans are getting ready to celebrate Valentine’s Day this year. And, unlike last year, when holiday spending fell due to the pandemic, shoppers said this year’s Valentine’s Day could be one of the most splurge-worthy holidays to date. Consumers plan to spend an average of $175 on Valentine’s Day this year, about $10 more than their 2021 budget, according to the NRF and Prosper Insights & Analytics annual survey. Total holiday spending could reach $23.9 billion, the second-highest in the world. The history of the investigation. NRF took a closer look at the data and identified three trends that are motivating consumers to welcome Valentine’s Day this year.

Spend a fortune to make it special

During the long months of the pandemic, Americans have seized opportunities to celebrate special occasions β€” from Mother’s Day to Halloween and winter break β€” and in many cases have spent record levels. Even as COVID-19 appears to be entering a new phase, these holiday events are as meaningful as ever, if not more.

Valentine’s Headquarters

Take a closer look at this year’s Valentine’s Day spending data and insights compared to previous years.

Seventy-six percent of those celebrating Valentine’s Day this year said it was important to them to commemorate the holiday given the current pandemic situation, up from 73 percent in 2021. While Valentine’s Day is an occasion to celebrate many kinds of love, romantic relationships are the top priority for many consumers this year. Google Search data from January shows that searches for “valentines for her” are up 300% from last year, while searches for “best valentines for him” are up 200% over 2021. Shoppers plan to spend an average of more than $100 on gifts for partners and significant others, up from $88 in 2021 and in line with spending in 2020 before the pandemic.

diamond is a girl’s best friend

In addition to signs of candy, flowers or greeting cards, more and more shoppers are considering gifting jewelry this Valentine’s Day. Total spending on jewelry could be as high as $6.2 billion. While men are twice as likely as women to plan to gift jewelry this year, women are also driving the trend. 14% of women plan to shine more than ever this year, and they expect to spend twice as much as last year.

back out

While the impact of omicron variants persists, consumers feel more at ease with activities such as going out compared to a year ago. This shows up in their Valentine’s Day plans. Thirty-one percent plan to host a special party to mark the occasion, up from 24 percent last year. Gifts of experience β€” like tickets to a favorite concert, pampering on a spa day or a thrilling adventure like skydiving β€” are also gaining traction this year. Unsurprisingly, younger consumers are helping drive both trends.

But for those who don’t want to go out, the gift of experience doesn’t have to leave your home. Companies like Winc or Vinebox can recreate curated wine tasting experiences, or services like Airbnb Experiences allow you to book virtual cooking or yoga classes from the comfort of your home.

While there are still many uncertainties in 2022, Valentine’s Day marks the mindset of consumers in 2022 and how they will navigate festivities, shopping occasions and social events during this new phase of the pandemic. To learn more, visit NRF’s Valentine’s Day headquarters.

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