Consumer Behavior

Pandemic isn't thwarting love spend this Valentine's Day

Photo by istock.com

February 2, 2021

While the COVID-19 pandemic has greatly changed consumer buying activity and disrupted daily life, it's not going to stop consumers from expressing their love and friendship on Valentine's Day.

Just about half, 52%, of U.S. adults will celebrate the annual holiday and spend $21.8 billion, according to a survey from the National Retail Federation and Prosper Insights & Analytics.

A good majority polled, 73%, said celebrating the love day is important given the ongoing pandemic, according to a press release, though 74% admit it will impact celebration plans. The study revealed a "significant decline" in those planning to spend an evening out.

"There is no question the pandemic has disrupted many aspects of Americans' daily interactions and activities," NRF President and CEO Matthew Shay said in the release. "However, there remains a special significance around Valentine's Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations."

The project spend figure is down from past years. This year the average spend will be $164.76, a decrease of about $32, from the recording setting average spend of $196.31 in 2020.

"Consumers still feel it's important to spoil their loved ones in light of the pandemic," Prosper Insights Executive Vice President of Strategy Phil Rist said in the release. "This year's total and average spending figures are near record highs, as the second highest in the survey's history."