Expected spending close to $24B


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064d5d86-Valentine's Day Balloons

Expected spending close to $24B

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Valentine’s Day: 5 Facts You Might Not Know About the Day of Love

Here are five Valentine’s Day facts you probably didn’t know were like love in the air.

The largest U.S. retail trade group estimates consumers will collectively hand out nearly $24 billion on Valentine’s Day this year, the second-highest year on record.

This year’s forecast is up from $21.8 billion in consumer spending in 2021, according to the annual survey by the National Retail Federation and Prosper Insights & Analytics. However, this year’s forecast is just below the 2020 forecast of $24.7 billion.

The NRF data comes after holiday spending in 2021 rose 14.1% from the previous year to a record $886.7 billion.

“With consumer spending reaching historic levels during the winter break, this trend looks set to continue into 2022,” NRF CEO Matthew Shay said in a statement.

According to NRF, more than half of U.S. consumers (53%) plan to celebrate Valentine’s Day this year. Of those who celebrated, 76% said how important the holiday was “given the current pandemic situation.”

064d5d86-Valentine's Day Balloons

FILE – A man carries balloons as he celebrates Valentine’s Day in Times Square in New York City, USA on February 14, 2021.

Each shopper is expected to spend an average of $175.41 on gifts, up from $164.76 in 2021, despite inflation at the highest level in nearly 40 years.

While candy, greeting cards and flowers remain the most popular gifts, demand for gift-giving experiences such as concert or sporting event tickets “has returned to pre-pandemic levels,” the survey showed.

related: How to Spread Valentine’s Day Love to Veterans and Deployed Service Members

According to NRF, just over 40% of consumers are “willing to accept the gift of experience,” up from 36% in 2021.

Meanwhile, about 31% of consumers already plan to give a “dinner dinner” gift this year, up from 24% in 2021.

“While traditional Valentine’s Day gifts like candy and flowers never seem to go out of style, both givers and recipients are more willing to go out for a special meal or engage in a new experience than they were a year ago,” Prosper’s Phil said the executive vice president of strategy at Rist Insights.

“This is especially true among younger groups,” Lister said.

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