It seems like consumers will be in a spending mood for Valentine’s Day, according to a report from the National Retail Federation. The group is expecting holiday spending to reach a record $14.2 billion.
The survey asked 8,329 adult consumers about their Valentine’s Day shopping plans.
Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine’s Day, on par with last year’s spending and the third highest in the survey’s history.
Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
Consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine’s Day spending over the last five years.
Online continues to be the most popular destination to shop for Valentine’s Day gifts at 40%, up from 35% last year. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).
The top gifts include:
- Candy (57%)
- Greeting cards (40%)
- Flowers (39%)
- Evening out (32%),
- Jewelry (22%)
- Clothing (21%)
- Gift cards (19%).
