Total spending for the holiday is expected to exceed $19.6 billion.
NORTH AMERICA–According to the National Retail Federation, 2018 will see Valentine’s Day consumers spend nearly $1.1 billion dollars more to mark the holiday than last year.
According to an annual survey conducted in partnership with Prosper Insights & Analytics, U.S. consumers are expected to spend an average of $143.56, for a total of $19.6 billion–up from 2017’s $136.57 and $18.2 billion, respectively.
“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops,” says Matthew Shay, president and chief operating officer, NRF. “With the holidays behind them and the winter months dragging along, consumers are looking for something to celebrate this time of year.”
This year, 55 percent of the population surveyed plans to celebrate the holiday, an increase of 1 percent over 2017.
This year’s survey revealed that consumers plan to spend an average of $88.98 on their partner, $25.29 on other family members, $7.26 on children’s classmates/teachers, $6.51 on friends, $4.79 on co-workers and $5.50 on pets.
The survey also showed that consumers plan to spend $4.7 billion on jewelry (19 percent of shoppers), $3.87 billion on an evening out (35 percent), $2 billion on flowers (36 percent), $1.9 billion on clothing (17 percent), $1.8 billion on candy (50 percent), $1.5 billion on gift cards/gift certificates (16 percent) and $894 million on greeting cards (46 percent).
“Gifts of experiences” were among the requested items, sought by approximately 42 percent of consumers.
The study also revealed that even consumers thought to be left out of the holiday (27 percent) will observe Valentine’s Day with alternative activities such as treating themselves or gathering with family and friends.
The places from where these Valentine’s Day gifts will come from consists of department stores (35 percent), discount stores (32 percent), online (29 percent), specialty stores (19 percent), florists (17 percent) and local small businesses (14 percent).