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).
