The National Retail Federation says spending for Valentine’s Day will top $23.9 billion this year, according to a press release – the second highest year on record.
That’s an increase from the $21.8 billion spent from last year, according to the NRF.
The report found that over half of consumers, or 53%, plan to celebrate the holiday this year. Over three quarters celebrating say it’s “important” because of the pandemic’s current state.
The survey found that shoppers are likely to spend $175 on average per person, an increase from $164.76 last year – many of them intend to spend more than they did before on spouses or significant others.
In terms of what’s being purchased, candy, greeting cards and flowers were the most popular gift items, and a third planned evenings out – up from just 24% last year and only slightly less than the pre-pandemic levels.
The report found that 22 percent planned to spend on jewelry, with the total spending on that estimated to hit $6.2 billion.
“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF President and CEO Matthew Shay said. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”
PYMNTS reported recently that the returns season has yielded $761 billion this year, which the report says is a stunning number of returns.
See more: Rising Retail Returns Outpace Growth of Online Sales
The number, the report says, is both more than the GDP of Switzerland, and is growing around five times more quickly than the 11% boost the PYMNTS research initially projected for the end of the year.
The total rate of returns jumped 6 percentage points last year, hitting 16.6% from 10.6% the year prior.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More