News

Valentine's Day spend should be a record-setter

February 5, 2019

Consumers are projected to spend more than ever on Valentine's Day yet fewer will be celebrating the annual February love event.

There has been a years-long decrease in the numbers celebrating the holiday, according to the annual survey regarding spend released by the National Retail Federation and Prosper Insights & Analytics.

"The vast majority of Valentine's Day dollars are still spent on significant others, but there's a big increase this year in consumers spreading the love to children, parents, friends and coworkers," NRF President and CEO Matthew Shay said in a release on the survey. "Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy."

Consumers will spend an average of $161.96 this Valentine's Day — a 13 percent increase from last year's $143.56, which should easily beat the previous record of $146.84 set in 2016.

Total spending is expected to be $20.7 billion, an increase of 6 percent over last year's $19.6 billion and should break the previous record of $19.7 billion, also set in 2016, according to the release.

Yet just 51 percent of American will celebrate the holiday this year, down from 55 percent last year and a high of 63 percent back in 2007.

As in each year of the survey, men are the biggest spenders at $229.54, up 20 percent from last year. That's more than double the $97.77 women spend.

Department stores are the most popular shopping destination, visited by 35 percent of shoppers, with discount stores (32 percent), online (27 percent), specialty stores (18 percent), florists (16 percent), small or local businesses (14 percent), jewelry stores and specialty clothing stores (each 9 percent respectively).