Valentine’s Day 2022 will be a $24B Lovefest


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Valentine's Day 2022 will be a $24B Lovefest

Valentine’s Day 2022 will be a $24B Lovefest

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Saying “I love you” on Valentine’s Day in 2022 will open up your hearts and wallets even more because everything from flowers to candy to romantic restaurants is at a premium this year.

Because there are few forces stronger than love and commerce, pricing hasn’t stopped Americans from expressing their feelings despite supply shortages and other obstacles.

The National Retail Federation (NRF) estimates that Americans will spend nearly $24 billion on Valentine’s Day gifts this year, up nearly 10 percent from last year’s $21.8 billion.

On Jan. 31, the trade association released its Valentine’s Day Spending Outlook, and NRF President and CEO Matthew Shay said: “With consumer spending reaching historic levels during the winter break, this trend looks set to continue into 2022.”

In the breakdown, NRF found that 56% of consumers prefer candy, 40% greeting cards and 37% flowers. “Nearly one-third (31%) of respondents plan to give away ‘evening’ this year, up from 24% in 2021 and slightly below pre-pandemic levels, totaling $4.3 billion. Nearly a quarter ( 22%) would choose to give jewelry to someone special.”

Jewelry spending is expected to hit an all-time high in the annual survey, rising to an estimated $6.2 billion compared with $4.1 billion a year earlier for enthusiasts.

see also: Gen Z Demands, Massive Bouquets Will Offset Valentine’s Headwinds

NRF-linked per capita spending in 2022 is $175.41, up from $164.76 in 2021, adding: “Online remains the most popular shopping destination for Valentine’s Day this year, with a visit rate of 41%, followed by department stores at 32%. %, discount stores 28%, local small businesses 18% and florists 17%.”

Can’t call it an accident. Independent retail florists have been hit along with other major high street small businesses during the pandemic.

The New York Times reported on Feb. 2 that “labor shortages have impacted the industry. Farms and wholesalers have laid off employees, including harvesters and salespeople, after falling demand in 2020. Lifestyle due to pandemic A chain reaction of change, other workers leave their jobs.”

With an estimated 28% of flowers imported to the U.S., and pandemic changes in domestic cultivation boosting flower production for cash crops, including hemp, coupled with inflation at the highest level in 40 years, courtship is on several fronts Challenged, but apparently not abated.

For the restaurant industry, February 14 is the second-biggest day after Mother’s Day. The day after Super Bowl Sunday this year, the dining outlook is slightly complicated.

See also: US consumers expect to spend $175 per person on Valentine’s Day

On Feb. 7, the industry news site Restaurant Business reported that “even though half of Americans plan to celebrate Valentine’s Day this year, restaurants shouldn’t rush into it,” adding that “only 43 percent of celebrants plan to go out to eat, compared to 43 percent. That compares to 69 percent who said that before the pandemic.”

“After nearly two years of celebrating at home, a Valentine’s Day outing is long overdue, with survey results showing that 34% of U.S. adults celebrating the holiday haven’t eaten out on Valentine’s Day since prior to 2019,” said restaurant booking platform OpenTable. .”

OpenTable has released a list of the 100 most romantic restaurants in America, ranking the “most intimate food destinations” based on restaurant reviews, plus a Valentine’s Day Experience Center where food lovers and others can personalize their meals reunion.

see also: 1-800-Flowers.com Announces Valentine’s Day Gifts and Experiences

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