Fewer Consumers to Celebrate Valentine’s Day
However, those who do celebrate could spend a record amount this February 14.
Feb 01, 2019
WASHINGTON – Americans are expected to spend a record amount on Valentine’s Day this year despite a years-long decrease in the percentage of people celebrating the holiday, according to the annual survey by the National Retail Federation (NRF) and Prosper Insights & Analytics.
“The vast majority of Valentine’s Day dollars are still spent on significant others, but there’s a big increase this year in consumers spreading the love to children, parents, friends and coworkers,” said NRF President and CEO Matthew Shay, in a press release. “Those who are participating are spending more than ever and that could be the result of the strong economy. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”
Those surveyed said they would spend an average $161.96. That’s up 13% from last year’s $143.56 and easily tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase of 6% over last year’s $19.6 billion and breaks the previous record of $19.7 billion, also set in 2016.
The spending increases come even though only 51% of Americans plan to celebrate the holiday, down from 55% last year and a high of 63% in 2007. It is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was $102.50 in 2009 during the Great Recession.
“Valentine’s Day means different things for different people,” Prosper Vice President of Strategy Phil Rist said. “Whether it’s a day of romance or one of making sure their children have enough cards in their backpacks for each of their classmates, it’s an important day for those who choose to participate.”
