Valentine’s Day spending estimated to total $25.8 billion - Talk Business & Politics (2024)

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Valentine’s Day spending estimated to total $25.8 billion - Talk Business & Politics? ›

Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine's Day, on par with last year's spending and the third highest in the survey's history. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.

Retailers and restaurants are ready to cash in on an expected $25.8 billion for Valentine's Day spending this year, including $14.2 billion consumers will spend on significant others, according to the National Retail Federation (NRF). The total spending estimate is a bit less than the $25.9 billion reported in 2023.

There are enough candy hearts made each year to stretch from Valentine, Arizona to Rome, Italy, and back again. The number of these candy hearts produced is approximately 8 billion.

The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday.

According to the National Retail Federation (NRF), 62% of consumers ages 25-34 plan to celebrate Valentine's Day in 2024. The projected total in general for spending is $25.8 billion, while the projection for spending specifically on significant others is $14.2 billion.

Observations also show a correlation between price and perceived quality, with some customers willing to splurge to please their significant other. Marketing communications foster a sense of togetherness for some, portraying images of couples participating in shared activities and experiences.

Valentine's Day spending surges

Customers spent over $23 billion in 2022 on Valentine's Day shopping and that number is anticipated to go up to nearly $26 billion this Valentine's Day, per a National Retail Federation survey.

Oruch, a University of Kansas English professor, determined that Chaucer was the first to link love with St. Valentine in his 14th-century works "The Parliament of Fowls" and "The Complaint of Mars," notes the Times. Therefore, Oruch claimed, Chaucer invented Valentine's Day as we know it today.

The 8th-century Gelasian Sacramentary recorded the celebration of the Feast of Saint Valentine on February 14. The day became associated with romantic love in the 14th and 15th centuries, when notions of courtly love flourished, apparently by association with the "lovebirds" of early spring.

What are the top 3 items consumers buy for Valentine's day? ›

Beyond The Classic Heart-Shaped Bouquet And Chocolates

While flowers, candy and greeting cards still top the list of main gifts, younger generations are shifting the way Valentine's Day is being celebrated, looking beyond traditional gifts.

52 million USD

Valentine's Day / Budget

The psychological effects of Valentine's Day can vary widely depending on individual experiences and circ*mstances. For some, the holiday may serve as a source of joy and connection, strengthening bonds with loved ones. For others, it may exacerbate feelings of loneliness, isolation, or unworthiness.

SALT LAKE CITY — According to the National Retail Federation, the average American will spend about $185 celebrating Valentine's Day this year. The nation as a whole spends an estimated $25.8 billion.

One small winery called Sleepy Jean's Confections is partnering with other small florists and chocolatiers to sell more products overall. If the product can appear more personal to the consumer, then they are more likely to buy it on an emotional holiday. Overall, Valentine's Day boosts the economy for about 24 hours.

52 million USD

Valentine's Day / Budget

Consumers will spend a record-breaking $6.4 billion on Valentine's Day jewelry purchases this year, according to a recent survey from the National Retail Federation. The annual survey shows that total Valentine's Day spending in the U.S. will reach $14.2 billion, another record, INSTORE Magazine reported Jan.

“Valentine's Day is a one-day opportunity. So sellers almost need a higher markup on the candy items to justify stocking the specially-packaged products,” Talbott said. At the same time, plenty of shoppers will likely not even be thinking about the price as Feb.