$20 Billion Valentine’s Day Spending

Valentines Day

U.S. consumers are expected to spend $20.7 billion for Valentine’s Day, up 6% from a year ago. The record spending this year equates to an average of $161.96 per person surveyed, rising 13% from 2018. That said, the number of consumers planning to celebrate the holiday continues to decline, according to the National Retail Federation.

NRF said the spending increase comes even though only 51% of Americans plan to celebrate the holiday, down from 55% last year and a high of 63% in 2007. The trade group said 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 per person in 2009 during the Great Recession.

“Those who are participating are spending more than ever and that could be the result of the strong economy,” said NRF President and CEO Matthew Shay. “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. With employment and income growing, consumers appear to be expanding the scope of who qualifies for a card or a box of candy.”     MORE

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