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Americans could spend $14.2B on their sweethearts this Valentine's Day

Overall, spending for the holiday could reach $25.8 billion, for an average of more than $185 per person.
Americans could spend $14.2B on their sweethearts this Valentine's Day
Posted at 8:10 PM, Jan 29, 2024
and last updated 2024-01-29 22:10:42-05

Americans are expected to spend a record $14.2 billion on their significant others this Valentine's Day, according to an annual survey from the National Retail Federation.

That spending would eclipse the previous record set in 2020, when people spent $14.1 billion for SOs.

Overall, spending for the holiday could reach $25.8 billion.

On average, people could spend more than $185 each.

Candy is projected to be the most popular gift category,  followed by greeting cards, flowers, an evening out, jewelry, clothing and gift cards.

"We’re also seeing continued interest in gifts of experience, with about one-third of consumers planning to give a gift of experience this year," said Phil Rist, executive vice president of strategy for Prosper Insights & Analytics.

Online stores are expected to be the most common shopping destination, followed by department stores, discount stores and then florists.

SEE MORE: Sweethearts launches 'Situationships' candy hearts for Valentine's Day

53% of consumers expect to celebrate the holiday, which is slightly higher than last year's 52%. Among those aged 25-34, 62% have plans to observe the holiday.

And among those who don't plan to observe Valentine's Day, 29% still said they plan to make purchases or arrange meetings with single friends and family.


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