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Survey: Valentine's Day spend will be record-setting

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February 4, 2020

Given the strong holiday sales season retail watchers are expecting spend on Valentine's Day to be record-setting.

One reason is that consumers are widening the range of those they're buying for, according to a survey from the National Retail Federation conducted by Prosper Insights and Analytics.

"Valentine's Day is a sentimental tradition, but gift-giving can be driven by the economy,” NRF President and CEO Matthew Shay said in a press release on the findings. "Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you' this year and to spread the gift-giving beyond just your significant other."

Those celebrating plan to spend an average $196.31, up 21% over last year's previous record of $161.96. Spending is expected to total $27.4 billion, up 32% from last year's record $20.7 billion.

Consumers say they will spend an average $30.19 on family members other than spouses, up slightly from $29.87 last year; $14.69 on friends, up from $9.78; $14.45 on children's classmates and teachers, up from $8.63; $12.96 on co-workers, up from $7.78; $12.21 on pets, up from $6.94, and $10.60 on others, up from $5.72.

Twenty-seven percent will buy gifts for their pets, the highest figure in the history of the survey and up from 17% in 2010 for a total $1.7 billion.

"We've always heard of puppy love, but pets are definitely seeing a larger share of Valentine's Day spending," Prosper Insights Executive Vice President of Strategy Phil Rist said in the release.