Marketing

Consumers are ready to spend $25.8 billion on Valentine’s Day this year

Aside from significant others, shoppers will also be buying gifts for friends, family, and even pets, according to NRF.
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Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.

Whoever said romance is dead needs to take a look at NRF and Prosper Insights & Analytics’ latest annual survey, which predicts consumers are poised to spend a whopping $25.8 billion on Valentine’s Day this year, or $185.81 per person, on average.

And yes, while a partner or significant other is likely to be that person (duh!), that’s not the only group shoppers are spending their hard earned $$$ (about $14.2 billion) on.

In fact, taking a cue from last year when consumers bought presents for friends and even coworkers, this year they’re taking it a step further by also spending on pets. Per the survey, pets ranked pretty high for consumers aged 35–44, who planned on “splurging” the most on their four-legged friends, after romantic partners.

The natural question you’re probably asking is, what’re these gifts consumers are ready to drop hundreds of dollars on? Well, classics like candy and greeting cards were up there, followed by jewelry, flowers, clothing, or just a romantic evening.

Meanwhile, some customers were experimenting with unique presents, too, according to January data from Shopify merchants.

“We’re also seeing shoppers opt for non-traditional gifts focused on experiences, like recreating your favorite cocktail at home with a new barware set, planning for an upcoming adventure with travel accessories, or elevating couples’ game night with table shuffleboard,” Shopify President Harley Finkelstein noted in the report.

But don’t worry, the report didn’t ignore people who don’t have a significant other. In fact, those not in relationships still found ways to celebrate the day of love. Among this group of shoppers, whom we’ll call” romantics,” between 18 to 34, 53% said they’d buy something to treat themselves or just plan a get-together with friends or family. After all, there’s no greater love than self-love.

Retail news that keeps industry pros in the know

Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.