Valentine’s Day is celebrated every year on February 14th and is commonly considered the most romantic holiday of the year. According to the National Retail Federation, Valentine’s Day is expected to rack up a total of $27.4 billion this year!
The large increase in average spending appears to be correlated to strong consumer finances and a continued trend of consumers buying gifts for friends, family, co-workers, and even pets. In 2019, Valentine’s Day racked in a total of $20.7 billion and only $19.6 billion in 2018.
This year it is predicted that shoppers plan to spend $5.8 billion on jewelry, $4.3 billion on an evening out, $2.9 billion on clothing, $2.4 billion on candy, $2.3 billion on flowers, $2 billion on gift cards and $1.3 billion on greeting cards.