Americans will spend $24 billion on Valentine’s Day 2022 — Quartz


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Americans will spend $24 billion on Valentine's Day 2022 — Quartz

Americans will spend $24 billion on Valentine’s Day 2022 — Quartz

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Americans are spending more this Valentine’s Day to show their love. Across the U.S., people are expected to spend $23.9 billion on Valentine’s Day gifts this year, up from $21.8 billion in 2021, according to a survey by the National Retail Federation. Of course, inflation has something to do with it. The increase in spending on Valentine’s Day represented a 9.6% increase. U.S. prices rose 7.5 percent last year.

Many stick to the classics for the most part. More than half of respondents said they plan to buy chocolate, and 40% plan to buy greeting cards. But experiential gifts like theater or concert tickets are also increasingly popular as people return to events that were hampered by pandemic restrictions last year.

Valentine’s Day restaurant bookings up 30% in 2022

More respondents this year said they would like to go out at night to invite their significant other. Overall, the NRF expects Americans to spend $4.3 billion on “night out” experiences. Restaurant reservation site OpenTable reported a 30 percent increase in bookings on February 14 compared to last year. This year’s restaurant dining volume is well above 2021 levels.

U.S. consumers buy more, travel less

Matthew Shay, chief executive of the National Retail Federation, sees this as a continuation of the dramatic increase in consumer spending throughout 2021. Many Americans are buying more because they find they have more money coming from savings and government stimulus checks and go to fewer places. That ultimately resulted in about $887 billion in holiday spending, a 14% increase that could put pressure on an already stretched supply chain, but ultimately didn’t.

Valentine’s Day shoppers are also facing higher prices this year due to the highest level of inflation in 40 years. Food prices rose 0.9% in January 2022, making those romantic Valentine’s dinner bills more expensive. Overall, the average consumer is expected to spend $175.41 on gifts, up from $164.76 last year.

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