Consumer Behavior

Holiday spend trend extending to Valentine’s Day

Photo by istock.com

February 7, 2022

Americans will spend $23.9 billion on Valentine's Day this year, a hefty jump from $21.8 billion last year, and this year's figure is the second highest year on record, according to a National Retail Federation survey conducted by Prosper Insights & Analytics.

"Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022," NRF President and CEO Matthew Shay said in a press release on the study findings.

Shoppers expect to spend an average of $175.41 per person on gifts, up from $164.76 in 2021.

"While traditional Valentine's Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago," Prosper Insights Executive Vice President of Strategy Phil Rist said in the release. "This is especially true among younger age groups."