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Spending is up for Valentine’s Day

The National Retail Federation and the Prosper Insights & Analytics survey estimates total Valentineís Day spending to reach $25.9 billion in 2023, up from $23.9 billion in 2022. In the 15 years the survey has been conducted, only spending in 2020 was higher at $27.4 billion.The survey found more than half (52%) of consumers celebrate the holiday and estimate spending $192.80 on average. In 2022, average spending was $175.41.According to the NRF, ìOf the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, along with classmates or teachers.î Spending on significant others and family is estimated to be in line with last year, with romantic relationships a priority. January data from Google Search†shows that searches for Valentineís Day gifts for her were up 300% over last year and searches for best Valentineís Day gifts for him were up 200%.Online shopping is almost equal to in-person shopping at department stores (35% and 34%, respectively). Discount stores bring in 31% and specialty stores attract 18% of the dollars.What are Valentineís Day enthusiasts buying?The NRF reported that about a third (32%) plan to give a gift of experience this year, up from 26% last year. Other top gifts are candy (57%), greeting cards (40%), jewelry (21%), gift cards (20%) and clothing (19%).

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