Americans Expected to Spend $25.8 Billion This Valentine's Day
heart shaped box of chocolates

Americans Expected to Spend $25.8 Billion This Valentine’s Day

According to an annual report released by the National Retail Federation (NRF), American consumers are set to spend an estimated $14.2 billion on their partners this Valentine’s Day.

About the survey results:

Ahead of the 14th, the NRF has released the 2024 version of its annual survey looking at Valentine’s Day spending. This year, consumers are expected to spend a total of $25.8 billion in purchases related to the holiday. While that places it as the third-highest total recorded by the NRF (falling slightly from last year and pacing far behind 2020’s $27.4 billion), the $14.2 billion that respondents anticipate spending on their significant others represents a new record. That total is up from $13.5 billion last year and would narrowly beat 2020’s $14.1 billion.

Akin to last year when 52% of those surveyed said they planned to celebrate Valentine’s Day, 53% say they’ll participate this year (although this percentage increased to 62% among those aged 25 to 34). On average, consumers expect to spend $185.81 to do so. This figure is nearly $8 higher than the observed average across the past five years.

As for what shoppers are buying for their partners, 57% plan to purchase candy, followed by other top purchases, such as greeting cards (40%) and flowers (39%). Meanwhile, 32% expect to spend money on a night out for the holiday. Lastly, rounding out the list of purchases were jewelry (22%), clothing (21%), and gift cards (19%).

Despite jewelry being a purchase for less than a quarter of respondents, consumers are anticipating spending a record $6.4 billion on these gifts this year. Similarly, record totals are expected for flowers ($2.6 billion), clothing ($3 billion), and “an evening out” ($4.9 billion).

What they’re saying:

Commenting on this year’s survey results, NRF President and CEO Matthew Shay stated, “Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts. With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist added, “While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards. 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.”

My thoughts:

To be fair, while the $25.8 billion total sounds crazy, the $185.81 per person average strikes me as fairly reasonable. Even as someone less inclined to participate in Valentine’s Day itself, I absolutely see the value in couples taking time to celebrate each other and do something special. Looking at it that way, spending $185 for a special night and maybe some gifts could well be appropriate. Of course, not all gifts are created equal and Valentine’s Day mark-ups may mean that couples could have just as much fun and romance while saving a bit of money if they celebrated during a different day of the year. But, hey, personal finance is personal — so I say celebrate Valentine’s as you and your partner see fit.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...