Consumers are expected to spend a total of $25.8 billion on Valentine's Day this year, a little lower than it was expected in 2023 but still the third highest in the survey’s history. This was announced in the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
When talking about flowers and comparing it with last year, they are still ranked third on the list of top gifts, and this year, even more respondents are planning to give flowers, 38% (instead of 37% in 2023).
The absolute top gifts include candy (57%) and greeting cards (40%), of which the percentages remained the same compared to last year. Then, the list continues with flowers (39%), an evening out (32%), jewelry (22%), clothing(21%), and gift cards (19%).
A striking result from this year's research is that consumers who still value the non-romantic relationships in their lives are prioritizing gifts for significant others. Total spending on significant others for the holiday is expected to reach a record $14.2 billion.
Consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine’s Day spending over the last five years.
Online continues to be the most popular destination to shop for Valentine’s Day gifts at 40%, up from 35% last year. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).
The 2024 survey was fielded to 8,329 consumers aged 18+ from January 2 - January 8 and has a margin of error of plus or minus 1.1 percentage points.
For more information
NRF
nrf.com
Prosper Insights & Analytics
prosperinsights.com