ALBANY – Regardless of the slump retailers experienced over the past year, over half of Americans are set to spend $21.8 billion for Valentine’s Day.
According to the National Retail Federation (NRF), the majority of that money will be spent on candy, cards, and flowers.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities. However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations,” said NRF President and CEO, Matthew Shay.
Americans will spend an average of $168 on gifts for their beloveds, according to the NRF. The longer couples were together influences spending habits for Valentine’s Day, according to a survey from Retailmenot.
Couples married for more than 10 years plan on spending the most out of four groups, $467. Newlyweds plan on spending the second most, $317. Engaged couples and couples dating two or more years plan to spend $243 and $156 respectively.
Top five Valentine’s Day shopping destinations:
- Online- 38%
- Department store- 29%
- Discount store- 28%
- Specialty store- 17%
- Local/small business- 17%
Most Americans in a relationship are hoping their partners will get them chocolate, 44%. But, the coronavirus pandemic isn’t discouraging people looking for a night on the town with their sweethearts, 42% of them want to have dinner at a restaurant, said Retailmenot.
What people want for Valentine’s Day:
- Chocolate- 44%
- Nice dinner at a restaurant- 42%
- Flowers- 34%
- Jewelry- 33%
- Vacation- 24%
- An experience- 24%
- New electronics- 22%