Going into Valentine’s Day this year, it looks like there won’t be as much love for spending money on the occasion as in years past.
Last year, spending on Valentine’s Day was forecasted at $27.4 billion, according to the National Retail Federation.
That was a significant increase from 2019, which was a record-total of $20.7 billion.
This year, it doesn’t look like last year’s record total will come close to being threatened.
Due to the pandemic, the NRF is forecasting that $21.8 billion will be spent on Valentine’s Day this year.
According to a survey of 7,882 adult consumers listed by the NRF, 74% of Americans said the pandemic will directly impact their plans for Valentine’s Day, although 73% said they plan on celebrating the holiday in some form.
Among some of the highlights of the survey were as follows:
- Only 24% of consumers planned to have an evening out, the lowest in the survey’s history. However, 41% said they will plan a special dinner at home.
- Those planning to celebrate Valentine’s Day are expected to spend an average of $164.76, an average that is down from $32 per person last year.
- Consumers said they will spend an average of $10.77 on their children’s classmates and teachers this year, down from $14.45 in 2020.
- The most popular Valentine’s Day shopping destination this year is expected to be online, with 39% listing that as the most popular source. Department stores are next at 29%, followed by discount stores at 28%.
- The most popular gifts are expected to be candy (54%), greeting cards (44%) and flowers (36%).
Are you more hesitant to spend money on Valentine’s Day this year than in the past? Let us know in the comments below.