?Love is in the air, everywhere I look around??, this Valentine's Day smells of love, friendship and lots of shopping, many are preparing to show their loved ones how much they care, and according to surveys, more than Half of consumers (53 percent) plan to celebrate the day and spend several dollars on the celebration.
According to the annual survey of the National Retail Federation (NRF) and Prosper Insights & AnalyticsOverall, consumers plan to spend $25.8 billion on Valentine's Day this 2024, on par with last year's spending and the third highest in the survey's history, with an average of $185.81 per year. person.
As part of this, they hope to spend record amounts on significant others and reach new highs in the romantic gift categories.
And, after consumers splurged last year to celebrate other relationships in their lives like friends, coworkers and/or classmates, teachers and pets, spending on these groups is returning to normal levels as consumers Consumers are looking for ways to celebrate the romantic relationships in their lives this year.
NRF data shows that consumers plan to spend a new high of $14.2 billion on their partners or spouses this year, or a record $101.84 per person.
While consumers generally prioritize gifts for partners and spouses this year, they are not neglecting other special relationships in their lives. For example, although consumers ages 35 to 44 spend the most on their romantic partners, they are also the age group that plans to splurge the most on pet gifts.
Sixty-two percent of consumers ages 25 to 34 plan to celebrate this year, more than any other age group.
Finding the perfect gift to say "I love you"
No matter who you're shopping for, whether you're following the trend and splurging on your partner, showing love to your friends, pets, and co-workers, or celebrating “Galentine's Day” (Valentine's Day, but for women! Girls! Because "Gal" means "girl" and "Day" means "Day") with your friends, there is something for everyone.
While candy and greeting cards remain the most popular Valentine's gifts, consumers are also setting spending records on jewelry, flowers, clothing and nights out this year as they celebrate the romantic relationships of their lives.
Some consumers are also thinking outside the box when it comes to gifts this year. Data on Shopify merchant sales in January shows that shoppers are focusing on more unique items.
“Classic gifts like candles, jewelry, pajamas and perfumes are certainly popular,” said Shopify president Harley Finkelstein. ?But we're also seeing shoppers opt for non-traditional, experience-focused gifts, like recreating their favorite cocktail at home with a new bar set, planning an next adventure with travel accessories, or enhancing couples' game night with a table of yew. “
Even if you are among friends and romantic couples, retailers have a gift for that too. This year, Shopify merchant Sweethearts launched ?Sweethearts Situationships? as the perfect gift for that special (yet emotionally unavailable) person.
“Retailers are ready to help customers this Valentine's Day with meaningful and memorable gifts,” said NRF President and CEO Matthew Shay. “As consumers prioritize their spouse or partner this year, retailers expect to see a shift in spending in certain gift categories.”
Top gifts include candy (57 percent), greeting cards (40 percent), flowers (39 percent), an evening party (32 percent), jewelry (22 percent), clothing (21 percent) and cards as a gift (19 percent). New spending records are expected on jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and nights out ($4.9 billion).
Show love in non-traditional ways
Even those who don't celebrate the holiday find ways to make the day special. According to the NRF survey, about a third of those who do not plan to celebrate Valentine's Day still find ways to commemorate the occasion.
And how do you plan to celebrate?
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