The average U.S. consumer plans to spend $200 this Valentine’s Day — an all-time record — according to new data from the National Retail Federation.
The previous record was set in 2000, when consumers spent an average of $196 on the holiday.
National Retail Federation Vice President Katherine Cullen said much of the spending growth can be attributed to consumers expanding their gift lists to include friends, co-workers and pets, in addition to close loved ones.
“Valentine’s Day is a cherished holiday that resonates with many Americans, as seen with expected record-breaking spending this year,” she said.
In all, $29.1 billion is expected to be spent on the Feb. 14 holiday, with the majority of consumers planning to purchase candy. Although just one in four consumers expect to buy jewelry, those purchases will account for more than $7 billion.
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Consumers are also expected to spend about $6.3 billion on an evening out.
Data shows that 35% of consumers plan to purchase Valentine’s Day gifts for their pets — a record $2.1 billion.
“Valentine’s Day underscores the value of relationships, and for many people, the connection they share with their pets is an important one,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “Whether it’s a dog, cat or other animal, consumers are looking to celebrate their pets this Valentine’s Day with a special toy, accessory or treat.”
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