Americans’ Valentine’s Day Spending is Expected to Hit $26 Billion

This year, Americans are embracing Valentine’s Day and are ready to shell out some cash for the ones they love, according to a survey from the National Retail Federation (NRF).

The National Retail Federation is estimating consumers spend $25.9 billion this year for Valentine’s Day, up from $23.9 billion in 2022. This will be the second-highest spending year on record since the NRF began tracking in 2004.

The survey explained, “More than half (52%) of consumers plan to celebrate and will spend an average of $192.80. This is up from $175.41 in 2022 … While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, along with classmates or teachers.”

Consumers ages 35-44 are expected to outspend other age groups with an average of $336. Those ages 25-34 are close behind with average spending of $238. Both of these age groups are well above the $193 overall average among people who plan to spend money this holiday, CNBC reported.

The top gifts this year, according to the NRF, are predictable yet classic: candy, greeting cards and flowers. Other popular gifts include an evening out, jewelry, gift cards and clothing.