NewsHow much do we spend on our loved ones on Valentine's Day? This year could be up to $14.2 billion

How much do we spend on our loved ones on Valentine's Day? This year could be up to $14.2 billion

How much do we spend on our loved ones on Valentine's Day? This year could be up to $14.2 billion
Images source: © GETTY | NurPhoto

12:04 PM EST, January 30, 2024, updated: 7:05 AM EST, February 1, 2024

The National Retail Federation estimates that American consumers will spend a record $14.2 billion on Valentine's Day this year.

Where do we spend money on Valentine's Day?

According to The National Retail Federation, it is mainly for jewelry, flowers, clothes, sweeties, and nights out. - Retailers are ready to help customers with meaningful and memorable gifts this Valentine's Day. With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for specific gifting categories - said NRF President and CEO Matthew Shay.

Compared to last year, the average consumer will spend $8 more. The average amount will be $185.81.

As reported by the National Retail Federation, the most popular gifts will be sweets (57%), greeting cards (40%), flowers (39%), a night out (32%), jewelry (22%), clothing (21%) and gift cards ( 19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and nights out ($4.9 billion).

- While shoppers may spend the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards (...) We’re also seeing continued interest in gifts of experience, with about one-third of consumers planning to give a gift of experience this year - said Phil Rist, Prosper Insights & Analytics Executive Vice President of Strategy.

Source: National Retail Federation

Related content