American consumers set to spend 24 billion dollars on Valentine’s Day

American consumers are set to spend close to 24 billion dollars on Valentine’s Day gifts this year, a 9.6 percent increase from last year, according to the National Retail Federation.

Following the historic level of consumer spending over the winter holidays, it appears the trend will continue into 2022,” NRF President and CEO Matthew Shay said. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”

More than half (53 percent) of U.S. consumers plan to celebrate the holiday in 2022, up from 52 percent in 2021. More than three-quarters (76 percent) of those celebrating indicate it is important to do so given the current state of the pandemic.

Nearly a third (31 percent) of respondents plan to gift an “evening out” this year, up from 24 percent in 2021 and just slightly below pre-pandemic levels, for a total of 4.3 billion dollars. Almost a quarter (22 percent) will opt to gift jewelry to a special someone. Total spending on jewelry is estimated at 6.2 billion dollars, up from 4.1 billion dollars in 2021 and the highest in the survey’s history.

According to the survey, shoppers expect to spend an average of 175.41 dollars per person on Valentine’s Day gifts, up from 164.76 dollars in 2021. The increase comes as many intend to spend more on significant others or spouses.