Spending projections for Valentine’s Day are not as sweet as 2020, but American consumers are still expected to feel the love, according to a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics.
Just over half (52 percent) of U.S. adults are expected to observe Valentine’s Day, and they’re projected to spend $21.8 billion on candy, flowers, gifts and more. That’s down from the $27.4 billion projected in 2020.
Candy sales are expected to drop from the record high of $2.4 billion in 2020 to $2 billion this year. Spending on flowers is expected to dip to $2 billion from $2.3 billion. And given ongoing economic uncertainty and pandemic-related restrictions, spending on jewelry and an evening out is also set to slide from $5.8 billion to $4.1 billion and from $4.3 billion to $2.8 billion, respectively.
On average, consumers are expected to spend $164.76 per person, down about $30 from the $196.31 projected last year.
The NRF noted 73 percent of U.S. consumers who plan to celebrate say it’s important to observe the love-filled holiday, but 74 percent say the pandemic will impact their plans.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” said NRF President and CEO Matthew Shay. “However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations.”
Just over half (54 percent) of consumers plan to give candy to their loved ones, while 44 percent plan to give greeting cards. Another 36 percent plan to give flowers, while 21 percent plan to give gift cards. One out of five U.S. consumers plan to give clothing.
As for shopping destinations, 39 percent of U.S. consumers plan to turn to online outlets, while just under a third plan to go to department stores (29 percent) and discount stores (28 percent). Local small businesses and specialty stores tied at 17 percent.
The NRF and Prosper Insights and Analytics conducted the survey among 7,882 adult consumers between Jan. 4-12.