Americans are apparently looking to make 2024 the year of love: a new survey shows Valentine's Day spending on significant others is expected to hit a record this year.
Overall, consumers plan to spend $25.8 billion on Valentine's Day this year, according to an annual survey released by the National Retail Federation and Prosper Insights & Analytics. The number is on par with last year's spending ($25.9 billion) and the third highest in the survey's history.
Consumers will spend $185.81 each on average, nearly $8 more than the average Valentine's Day spending over the last five years, according to the survey. As for who they're spending money on, most are buying gifts for spouses and significant others (86%), followed by other family members (56%), pets (31%), friends (28%), children's classmates/teachers (24%), co-workers (16%) and everyone else (12%).
Consumers are especially focused on celebrating love stories this year, with spending expected to reach new highs in romantic gift categories. According to the survey, consumers will drop a record $14.2 billion on significant others and spouses for Valentine's Day -- roughly $101.84 per person.
"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 said in a statement.
The survey shows 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).
"While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards," said Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist. "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."
Online continues to be the most popular destination to shop for Valentine's Day gifts at 40%, up from 35% last year, according to the data. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).
Over half of consumers (53%) plan to celebrate Valentine's Day this year, up 1% from last year, according to the survey. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
About a third of those not celebrating Valentine's Day are still planning to mark the occasion, the survey shows. Many will treat themselves to something special (15%), others will plan a get-together or evening out with their single friends or family members (11%), and a few others (3%) will purchase "anti" Valentine's Day gifts.