Total spending on Valentine’s Day is projected to reach $18.2 billion this year, representing a $1.5 billion drop from last year’s record $19.7 billion, according to the National Retail Federation (NRF). Per-person spending will also decline about $10 from last year’s high, to an average of close to $137.
Although planned spending this year is higher than in 2007 ($16.7 billion, not adjusted for inflation), Valentine’s Day celebrants have declined since the. Indeed, this year 54% of adults surveyed plan to celebrate Valentine’s Day, which is down almost 10% points from 2007 (63%).
Not surprisingly, celebrants are most apt to spend on spouses and significant others (90%), though a majority will also spend on other family members such as kids and parents (53.8%).
The most popular gift purchases for respondents are candy (49.7%), greeting cards (46.9%), an evening out (36.6%) and flowers (34.7%). Jewelry ($4.3 billion) is expected to have the largest total outlay, however, ahead of evenings out ($3.8 billion), clothing ($1.9 billion) and candy ($1.7 billion).
In terms of shopping destinations, department (35%) and discount (32%) stores emerge as the primary shopping spots for adults this year, while slightly more than one-quarter (27%) are planning to buy gifts online.
About the Data: The results are based on a survey of 7,591 adults conducted January 4-11, 2017.
