Americans’ Valentine’s Day spending plans revealed: survey

Annually, men plan to spend more than women at $291 compared with $106

Valentine's Day

Americans’ Valentine’s Day spending plans revealed: survey. Source: unsplash.com

National Retail Federation revealed that Americans are expected to set a record for Valentine’s Day spending this year.

Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy. Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other
Matthew Shay, NRF President and CEO 

People plan to spend an average of $196, up 21% over 2019’s record of $161. Spending is expected to total $27 billion, compared to last year’s record of $20 billion.

27% of people surveyed revealed they will buy Valentine’s gifts for their pets, up from 17% in 2010.

People aged between 18 and 24 plan to spend an average of $109. People from 25 and 34 years old tend to have higher incomes, expecting to spend $307.

Department stores are the most popular Valentine’s Day shopping destination, visited by 36%, with discount stores and online tied at 32%. 19% of customers visited specialty stores and 17% of them florists. Local small businesses and clothing stores were attended by 15% and 11% of customers, respectively.

SEE ALSO:

facebook