Americans are projected to spend $14.2 billion this Valentine’s Day amid heightened consumer confidence.
That record amount comes from a survey released Monday (Jan. 29) by the National Retail Federation (NRF) and Prosper Insights & Analytics.
“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said in a news release. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
According to the survey, consumers are expected to reach new spending records on categories such as jewelry, spending $6.4 billion this year. Rounding out that list is flowers ($2.6 billion), clothing ($3 billion) and an evening out ($4.9 billion).
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%).
“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “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.”
Meanwhile, PYMNTS last week looked at the state of flowers as a Valentine’s Day gift in an interview with Seema Bansal Chadha, co-founder of Venus et Fleur, whose luxury, long-lasting roses can sell for as much as $2,200.
“Our flowers are more than a purchase; they are an investment in long-lasting luxury,” Chadha told PYMNTS.
However, with many consumers cutting back spending because of inflation, Venus et Fleur has decided to emphasize product quality, innovation and an improved floral experience, selling its products as an investment with longevity.
Although the brand’s flowers are completely real and cultivated in countries around the world, they undergo a unique process when reaching the U.S. After a non-toxic solution removes their natural color, they are treated with non-allergenic wax and natural oils. This process essentially dehydrates the flowers, letting them be re-dyed and subsist for a full year without the need for water.
“Although the cost of these flowers might be high for many, with a single Eternity Flower being priced at $44, the company has explored various payment options to enhance affordability,” PYMNTS wrote.
“Leveraging platforms like Shop Pay, PayPal and Affirm, Venus et Fleur has tapped into the buy now, pay later (BNPL) approach, a payment method that resilient consumers are adopting.”