According to the National Retail Federation and Prosper Insights & Analytics’ annual survey, consumers are projected to spend a total of $25.8 billion on Valentine’s Day this year. While slightly lower than the expectations for 2023, this figure marks the third-highest in the survey’s history.
Flowers remain a popular choice, securing the third position on the list of top gifts. In comparison to the previous year, even more respondents (38%, up from 37% in 2023) plan to express their sentiments with a floral gift.
The leading gifts include candy (57%) and greeting cards (40%), maintaining consistent percentages from the previous year. Following closely are flowers (39%), an evening out (32%), jewelry (22%), clothing (21%), and gift cards (19%).
An intriguing trend observed in this year’s research is the emphasis on non-romantic relationships. Consumers who value various relationships in their lives are prioritizing gifts for significant others, contributing to an expected record spending of $14.2 billion on significant others for the holiday.
On average, consumers anticipate spending $185.81 each, marking an increase of nearly $8 compared to the average Valentine’s Day spending over the last five years.
The online platform continues to be the favored destination for Valentine’s Day shopping, with 40% of consumers opting for online purchases, up from 35% the previous year. Other preferred shopping destinations include department stores (33%), discount stores (31%), and florists (17%).
The survey, conducted from January 2 to January 8 with 8,329 participants aged 18 and above, maintains a margin of error of plus or minus 1.1 percentage points. Despite a slight dip, the overall spending projections indicate a robust celebration of love and affection during this Valentine’s Day season.