Love is in the Air - Valentine’s Day spending is up for 2022
Love is in the air according to the National Retail Federation (“NRF”) and Prosper Insights & Analytics annual survey. Valentine’s Day spending is expected to reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest year on record.
The NRF surveyed 7,728 U.S. adult consumers more than half (53%) of those consumers plan to celebrate the holiday in 2022, up from 52% in 2021. More than three-quarters (76%) of those celebrating indicate it is important to do so given the current state of the pandemic. Shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts.
So what are consumers buying? The most popular gifts are Candy (56%), greeting cards (40%) and flowers (37%). Nearly a third (31%) of respondents plan to gift an “evening out” and almost a quarter (22%) will opt to gift jewelry to a special someone.
Online shopping will be the most popular option for Valentine’s Day, with 41% of consumers reporting that is how they’ll purchase gifts. Meanwhile, 32% will shop at department stores, 28% at discount stores, 18% at local small businesses, and 17% at florists.
The survey shows you can’t put a price on true love at least on Valentine’s Day. To see the full report, visit https://nrf.com/media-center/press-releases/americans-spend-239-billion-valentines-day-year.