Americans Spend Billions on Valentine’s Day – What Do We Buy?
Consumers in the U.S. will spend just over $143 dollars on Valentine’s Day. A report for the National Retail Federation shows 55 percent of folks celebrate the holiday of love.
The average spending is up from $136 dollars in 2017. The big story in this report is that total spending for Valentine's Day is expected to close in on $19.6 billion dollars which is up from $18.2 billion last year. This spending projection would put Valentine's Day 2018 the 2nd highest year for spending on the holiday. Americans spent $19.7 billion in 2016.
“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.”
Who are we buying things for? The survey shows more than $12 billion will be spent on a spouse or significant other. The average spending on your sweetie is close to $89 dollars. Americans will spend about $3.5 billion on other family members (children or parents). Our average spending on these relatives is about $25 dollars. We spend another $7 billion on children’s classmates and teachers. Pets and co-workers also make the list, but to a lessor extent.
If you had to guess which age group spends the most on Valentine's Day, what would you say? Well this report shows 25-34 year-olds will be the biggest spenders at an average of $202.76.
What are we buying? Experts say Americans will spend $4.7 billion on jewelry, $3.7 billion on dining out, $2 billion on flowers, $1.9 billion on clothing, $1.5 billion on gift cards/gift certificates and $894 million on greeting cards. We also spend about $1.8 billion for candy.