February 14, 2020: Fifty-five percent (55%) of Americans will celebrate Valentine’s Day this year.[1]
A National Retail Federation survey found they will spend an average of $196.31. That’s up more than 21% from last year. “Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” NRF President and CEO Matthew Shay said. “The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year.”[1]
When you add it all up, Valentine’s Day spending is expected to reach $27.4 billion this year. By way of comparison, that's $10 billion more than was spent on Super Bowl parties.[1]
Not surprisingly, 67% of that money will be spent on a spouse, significant other, or family members. The rest will be shared by friends, classmates, co-workers, pets, and others.[1]
From a spending perspective, jewelry is the top gift item ($5.8 billion). It is followed by an evening out ($4.3 billion), clothing ($2.9 billion), candy ($2.4 billion), and flowers ($2.3 billion).[1]
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