Consumers will be celebrating Valentine’s Day this year to the tune of $19.6 billion. That means the average consumer will spend $143.56 on Feb. 14. This is an increase from last year’s $136.57, according to a survey by the National Retail Federation.
“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops,” NRF President and CEO Matthew Shay said. “With the holidays behind them and the winter months dragging along, consumers are looking for something to celebrate this time of year.”
So what will consumers be spending the majority of their money on? They plan to spend $4.7 billion on jewelry, $3.7 billion on an evening out, $2 billion on flowers, $1.9 billion on clothing, $1.8 billion on candy, $1.5 billion on gift cards, and $894 million on greeting cards.
This year’s numbers are the second-highest in the National Retail Federation survey’s 15-year history, topped only by the record $146.84 and $19.7 billion seen in 2016.