Love is in the air as consumers prepare to hit the stores and purchase gifts for their Valentines. In fact, the average person celebrating Valentine’s Day will spend $142.31, up from $133.91, according to the National Retail Federation’s (NRF) Valentine’s Day Consumer Spending Survey. The survey, conducted by Prosper Insights and Analytics, concluded that total spending will reach $18.9 billion, an all-time high reported in this annual survey.
The vast majority of consumers (91%) plan to spend an average of $87.94 on their significant others, up from $78.09 in 2014. Additionally, 59% will spend an average of $26.26 on family members and $6.30 on children’s classmates/teachers.
Most (53%) consumers plan to buy candy, spending a total of $1.7 billion, while 38% plan to spend up to $2.1 billion on flowers. As many as 21% of consumers said they plan to buy jewelry for Valentine’s gifts, adding up to $4.8 billion in total Valentine’s Day spending.
Although the majority of consumers plan to purchase traditional Valentine’s Day gifts, more than one third (35%) expect to splurge on a special dinner or tickets to the movies, totaling $3.6 billion.
“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise — a good sign for consumer sentiment as we head into 2015,” said Matthew Shay, President and CEO of NRF. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”
Men are expected to spend nearly twice as much as women ($190.53 versus $96.58, respectively). Adults 25-34 years old will outspend other age groups ($213.04), while consumers 35-44 years old will spend an average of $176.21.