Consumers Spending 25.8 Billion for Valentine’s Day in 2024

Spread the love

By Jill Brooke

Photo: Maggiemakesthem

We all know that Valentine’s Day is the floral industry’s Oscars.

In the annual survey released by the National Retail Federation and Prosper Insights & Analytics, consumers are expected to spend a total of $25.8 billion on Valentine’s Day this year.

The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and an evening out ($4.9 billion).

Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.

When talking about flowers and comparing it with last year, they are still ranked third on the list of top gifts, and this year, even more respondents are planning to give flowers, 38% (instead of 37% in 2023).

Photo: Rosaprima

A striking result from this year’s research is that consumers who still value the non-romantic relationships in their lives are prioritizing gifts for significant others. Total spending on significant others for the holiday is expected to reach a record $14.2 billion.

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%).

It’s not only guys buying flowers for their romantic partners – though these do score points. Furthermore, roses come in a range of colors to express different sentiments in the language of love. And perhaps even send rose bushes as a gift idea.

Here’s to love and expressing gratitude for those making us feel special and loved.

Photo: Bedford Flower Shoppe