SHREVEPORT, LA – Love is in the air in Louisiana. We are just a few weeks away from Valentine's Day. Consumers are expected to open up their wallets and spend big on this special day of romance. In fact, the latest study says this will be a record year.

The National Retail Federation says consumers are expected to spend a record $27.5 billion on Valentine’s Day this year. The report done by the NRF and Prosper Insights & Analytics shows this total is up almost $2 billion from last year. The previous record spending on Valentine's Day was set in 2020 when we were dealing with the pandemic, but shelled out $27.4 billion.

Graph courtesy of NRF
Graph courtesy of National Retail Foundation
loading...

What Is the Average Spending on Valentine's Day?

I was kind of surprised by this number, but the report says Americans will spend just under $189 dollars on Valentine's Day items this year. The average for last year was $185. I guess if you factor in dining out, this is about right.

NRF Vice President of Industry and Consumer Insights Katherine Cullen says

Whether they are celebrating a significant other or someone else in their lives, Valentine’s Day is meaningful for many people. Consumers are looking for special ways to treat their loved ones and can expect retailers to provide the best gift options and deals.

How Many People Will Celebrate Valentine's Day?

The NRF report says more than half (56%) of consumers will be doing something on this special day. That's up from 53% last year. I wonder if these numbers will hold true in Louisiana?

READ MORE: How to get revenge on an ex on Valentine's Day

What Do Consumers Buy on Valentine's Day?

As you might expect, candy tops the list. 56% say they will be picking up some treats. 40% will spend money on fresh flowers. 40% also say they will snap up a greeting card. 35% of those surveyed say they are planning a romantic evening out with their special person. And 22% will be buying jewelry. More than $6 billion dollars will be spent on jewelry. Almost $3 billion will be spent on flowers.

Chart courtesy of NRF
Chart courtesy of National Retail Foundation
loading...

Who Do We Buy Gifts for on Valentine's Day?

We don't just buy special items for a spouse or significant other. 32% of consumers say they will be buying gifts for friends on Valentine’s Day. That's up from 28% last year and it's the highest in the survey’s history. And about 19% say they will even get something for some of their co-workers.

News Radio 710 KEEL logo
Get our free mobile app

Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist says:

Consumers plan to celebrate Valentine’s Day through a variety of ways to show appreciation and love for the many different people around them. Purchasing gifts for those outside of significant others or family members continues to rise in popularity and reflects consumers’ growing interest in celebrating all the meaningful relationships in their lives.

Where Will Consumers Buy Valentine's Day Gifts?

The NRF report says more than a third of the purchases (38%) will be done online. 34% will shop at department stores while 29% will try to find something special in a discount store. 18% will spend money with local florists.

Our Top Picks for a Romantic Valentine's Day Dinner in Shreveport Bossier

For some of these great restaurants, you might be too late to get a reservation for Valentine's Day, but you might still find some spots open.

 

More From News Radio 710 KEEL