According to to the National Retail Federation’s Valentine’s Day Survey conducted by Prosper Insights and Analytics, the majority of Americans will be celebrating the upcoming holiday and spending more money than ever. Nearly 55% of consumers plan to celebrate and spend an average of $146.84, which is up from last year’s average of $142.31. Total spending will reach $19.7 billion, which is the highest in the survey’s history. “As the first major consumer holiday of 2016, Valentine’s Day could provide a positive boost in spending our economy needs,” said NRF President and CEO Matthew Shay.
This Valentine’s Day, as it has been in years past, men will spend more than almost twice as much as women, doling out $196.30 while women will only spend $89.86. And although there are over 10% more single young adults now than there were a decade ago, the lovers’ holiday is celebrated more by younger people than older people. Only 45% of those over 65 and less than half of those 55 to 64 will celebrate this year. Nearly two thirds of Americans 25 to 34 and 60% of 18 to 24-year-olds have plans to celebrate this year.
Across the country, the most money will be spent on an evening out at $4.5 billion total. Jewelry is the second most-expensive Valentine’s Day gift at $4.4 billion in total spending. The classic candy and flowers are still a staple for many people and will see sales of $1.7 billion and $1.9 billion, respectively.
Not all the money spent for Valentine’s Day will go to consumers’ romantic partners. About 91% of consumers will spend money on their significant other, but around 11% of Americans plan to spend money on their coworkers this year as well. Buying chocolates, donuts, or other treats for your office is a great way to share the Valentine’s Day love. Buying gifts for only one or a few people in your office can come off as favoritism, so make sure to spread the spirit of the holiday around with everyone.