By Jill Brooke
Consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record.
“Valentine’s Day is a special occasion to shop for the people we care most about,” National Retail Federation President and CEO Matthew Shay said. The study was also conducted with Prosper Insights & Analytics.
More than half (52%) of consumers plan to celebrate and will spend an average of $192.80. This is up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004. While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, along with classmates or teachers.
Those aged 35 to 44 plan to outspend other age groups, allocating $335.71 on average for gifts and other Valentine’s Day items, approximately $142.91 more than the average consumer celebrating the holiday.
So what are the top gifts?
Candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%). Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out.
About one-third (32%) plan to give a gift of experience, up from 26% last year and the highest since NRF and Prosper started asking this question in 2017.
This is not a surprise considering people want memories that last. In fact, one very popular option was created by Certified American Growers for a Field to Vase Farm Tour.
To be enveloped with heady scents of fresh flowers and get a true peek into farm life is truly memorable. Included in these trips are a farm tour reception, dinner, flower bar, take-away bouquets and of course locally sourced food and drinks. There’s also inevitably live music to groove to the moment. There are tours in Seville, Florida next moth as well as one at The Flower Fields, Carlsbad, CA Tickets, Thu, Apr 20, 2023.
There’s also one I plan on going to in Homer, Alaska, July 23 rd to see a sea of peonies.
“Men, in particular, are more likely to give a gift of experience compared with last year,” Prosper Executive Vice President of Strategy Phil Rist said. But women certainly suggest these experiences to put on their highlight reel.
Even among those who don’t plan to celebrate Valentine’s Day, 28% will still mark the occasion in some way, seeking non-Valentine’s gifts, treating themselves to something special or planning a get-together or evening out with single friends and family members.
Something that has been trending has been gathering friends for a Galentine’s Day celebration usually on February 13th. In the language of flowers, red roses may symbolize passion and love but yellow flowers are in appreciation of friendships. Just recently, the toffee rose was included to represent “open-minded, open-hearted and blended.”
Outside of Mother’s Day, Valentine’s Day is the second most active time for people to buy flowers. And we are all for sharing flowers to express love and appreciation.
After all, no act of love is ever wasted.
Jill Brooke is a former CNN correspondent, Post columnist and editor-in-chief of Avenue and Travel Savvy magazine. She is an author and the editorial director of FPD, floral editor for Aspire Design and Home magazine and contributor to Florists Review magazine.