Valentine’s Day Spending on Significant Others to Reach New Record, NRF Survey Shows (2024)
“With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories."
NRF President and CEO Matthew Shay
WASHINGTON – Valentine’s Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the annual survey released by the National Retail Federation 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. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening 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 an evening out ($4.9 billion).
Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine’s Day, on par with last year’s spending and the third highest in the survey’s history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
Consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine’s Day spending over the last five years.
Last year, consumers used Valentine’s Day to celebrate all the special relationships in their lives – from pets to friends and co-workers – and their spending reflected that. This year, while consumers still value the non-romantic relationships in their lives, they are prioritizing gifts for significant others.
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.”
Among those not celebrating Valentine’s Day, 29% still plan to mark the occasion in some way. Many will treat themselves to something special, while others will plan a get-together or evening out with their single friends or family members.
The survey asked 8,329 adult consumers about their Valentine’s Day shopping plans. It was conducted Jan. 2-8 and has a margin of error of plus or minus 1.1 percentage points.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year.
About NRF The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
About Prosper Insights & Analytics Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries. We provide global authoritative market information on U.S. and China consumers via curated insights and analytics. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper helps companies accurately predict consumers’ future behavior to help identify market behaviors, optimize marketing efforts, and improve the effectiveness of demand generation campaigns. https://prosperinsights.com/
WASHINGTON – Valentine's Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
The survey results reveal a diverse range of relationship statuses among respondents: 42.88% are currently in a relationship, 32.29% are married, 23.14% are single, and 1.69% are divorced. Notably, a significant majority of 70.33% of respondents plan to celebrate Valentine's Day this year, with 29.67% boycotting.
Americans will spend about $25.8 billion overall on the holiday this year – just a tick down from $25.9 billion last year. Valentine's Day spending peaked at $27.4 billion in 2020.
The National Retail Federation (NRF) projects total spending will approach $25.8 billion on Valentine's Day in 2024. This is on par with last year and is significantly higher than the pandemic years. That said, we've not yet recovered to pre-COVID spending for Cupid's birthday.
According to the National Retail Federation (NRF), 62% of consumers ages 25-34 plan to celebrate Valentine's Day in 2024. The projected total in general for spending is $25.8 billion, while the projection for spending specifically on significant others is $14.2 billion.
The 'pursuit of pleasure' defines this rebellious trend for 2024; with celebrations offering the perfect outlet for hedonism. One of the key indicators of this trend was the rise of empathy fatigue and centring of the self.
In 2024, around 53 percent of respondents in the United States said they planned to celebrate Valentine's Day. This is roughly the same percentage as last year, and part of a decreasing trend from the late 2000s and early 2010s when about 60 percent of respondents typically planned to celebrate Valentine's day.
Not only that, Valentine's Day tends to be the most popular day to get engaged. Spending differs by gender and age. Men spend more on Valentine's Day ($200+), while women usually spend less. Millennials are the biggest spenders, with those in that age group planning to spend around $300 on the holiday.
Driver's data finds those who are in one to two-year relationships are the most susceptible to high prices. They will be dropping $247 on average, whereas those together for less than a year will be spending $186. Those who've been at each other's sides for over ten years will spend about $189.
6 million people expect or plan a marriage each year on Valentine's Day. There are approximately 220,000 proposals in the U.S. alone on this special day.
Flower companies profit enormously. Throughout the year, Americans purchase flowers for occasions including Mother's Day, Easter and New Year's Day. For Valentine's Day, Americans go big — and in 2024, they're expected to spend $2.6 billion on flowers and floral arrangements.
“Valentine's Day is a one-day opportunity. So sellers almost need a higher markup on the candy items to justify stocking the specially-packaged products,” Talbott said. At the same time, plenty of shoppers will likely not even be thinking about the price as Feb. 14 rolls around.
Celebrating Valentine's Day is one way of making such a signal. It can show faith in your shared commitment, signify that you wish to continue investing in the relationship and improve match quality, further stabilising the partnership.
FEBRUARY 14, 2024 | VALENTINE'S DAY | ASH WEDNESDAY | NATIONAL DONOR DAY | NATIONAL FERRIS WHEEL DAY | NATIONAL CREAM-FILLED CHOCOLATES DAY. Valentine's Day began as St. Valentine's Day, a liturgical celebration of one or more early Christian saints named Valentinus.
Sixty-eight percent of Americans who are in a committed romantic relationship plan to celebrate the holiday, compared to a third who are not. Overall, half of Americans plan to celebrate Valentine's Day.
The 8th-century Gelasian Sacramentary recorded the celebration of the Feast of Saint Valentine on February 14. The day became associated with romantic love in the 14th and 15th centuries, when notions of courtly love flourished, apparently by association with the "lovebirds" of early spring.
Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.
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