Jan. 27 NRF press release
Consumer spending on Valentine’s Day is expected to reach a record $29.1 billion, according to the annual survey released Jan. 27 by the National Retail Federation and Prosper Insights & Analytics. The projection surpasses the previous record of $27.5 billion set in 2025.
Shoppers are budgeting a record $199.78 on average for gifts, an increase from $188.81 last year.
NRF Vice President of Industry and Consumer Insights Katherine Cullen said the growth in spending is driven by middle- and high-income shoppers who are including friends, co-workers and pets on their gift lists.
Over half (55%) of consumers plan to celebrate Valentine’s Day this year. Most of those consumers — 83% — will purchase a gift for a significant other, with spending on gifts for romantic partners expected to reach $14.5 billion. An additional 58% of consumers plan to purchase gifts for other family members such as kids, parents or siblings for a total of $4.5 billion in expected spending.
Consumers will spend $2.4 billion on friends, $2.2 billion on children’s classmates and teachers, $1.7 billion on co-workers and $2.1 billion on their pets.
Candy remains the most popular Valentine’s Day gift, with 56% of consumers planning to purchase it. Other popular gifts include flowers (41%), greeting cards (41%), an evening out (39%) and jewelry (25%). Shoppers are expected to spend the most — a total of $7 billion — on jewelry, followed by $6.3 billion on an evening out, $3.5 billion on clothing and $3.1 billion on flowers.
In 2023, the top shopping destination is online, with 38% of consumers using the internet to purchase their gifts. Department stores, discount stores and specialty stores account for the other favored places to shop.
For those who are not planning on celebrating Valentine’s Day, 31% will still mark the occasion with self-care, splurging on a gift or getting together with friends and family members.
