Consumer Behavior
Big spend projected for Valentine’s Day
January 25, 2023
Consumers will be showing big love come Valentine's Day as they're expected to spend nearly $25.9 billion, a hefty increase from $23.9 billion in 2022, according to the National Retail Federation.
The industry group said it may be one of the highest Valentine's Day spending years on record given an annual survey it conducted with Prosper Insight & Analytics.
"Valentine's Day is a special occasion to shop for the people we care most about," NRF President and CEO Matthew Shay said in a release on the spending data. "This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine's Day with memorable gifts at affordable prices."
More than half (52%) plan to celebrate and spend an average of $192.80. This is up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine's Day spending in 2004.
Those aged 35 to 44 plan to outspend other age groups, allocating $335.71 on average for gifts and other Valentine's Day items, approximately $142.91 more than the average consumer celebrating the holiday.
Similar to recent years, the top shopping destination to purchase Valentine's Day gifts is online (35%), closely followed by department stores (34%), discount stores (31%) and specialty stores (18%).
