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Finance News - Americans Plan to Spend $23.9 Billion on Valentine’s Day

Americans Plan to Spend $23.9 Billion on Valentine’s Day

  • Marina Avramovic
  • February 9, 2022

Love is in the air for 53% of Americans who plan to celebrate Valentine’s day this year. Despite the ongoing pandemic and the high inflation rates, many adults see this holiday as a perfect occasion to buy expensive gifts for their significant others.

Based on a recent NRF survey, Americans plan to spend $175.41 per person (on average) on Valentine’s Day gifts, which is $10.65 more than they spent in 2021.

In other words, the popular lover’s holiday will generate an estimated $23.9 billion in 2022, which is an increase from last year’s total — namely, $21.8 billion!

In addition, Americans plan to spend the most money on candy (56%), greeting cards (40%), and flowers (37%).

At the same time, 31% plan to lighten their wallets on an “evening out” gift, and 22% will go a step further by gifting their sweetheart jewelry. In fact, this year, Americans might spend a record $6.2 billion on jewelry, which is a lot more than they did in 2021 when they spent a “mere” $4.1 billion.

That said, experts believe that by 2024, the online jewelry market will reach a whopping $19.88 billion.

As expected, most shopping will take place online, i.e., 41% plan to buy Valentine’s gifts through an online retailer. Conversely, 32% will do things the old-fashioned way by obtaining a gift in one of the department stores, discount stores (28%), local small businesses (18%), and florists (17%).

Now, when it comes to the breakdown by generations, millennials plan to spend the most on Valentine’s Day gifts, i.e., $294, followed by Gen Xers ($182), Gen Zers ($164), and Baby Boomers ($122).

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Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

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