Valentine's Day Spending To Reach New Heights In 2024 (2024)

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Valentine's Day Spending To Reach New Heights In 2024? ›

This display of love will not come cheap. The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday.

U.S. consumers alone are expected to spend $25.8 billion on Valentine's Day this year, according to a survey released by the National Retail Federation and Prosper Insights & Analytics.

Nostalgic jewelry is trending, particularly lockets for holding cherished memories. Worn patinas and vintage styles make them romantic and practical. Heartfelt charms on necklaces are gaining popularity too, with charm options to cater to various interests, from sports to cooking, adding a personal touch to the trend.

Millennials are the biggest spenders, with those in that age group planning to spend around $300 on the holiday.

This display of love will not come cheap. The National Retail Federation (NRF) estimates that consumers will spend a record $25.8 billion, an average of $185.81 per person, on Valentine's Day in 2024. It is no wonder that US retailers love the holiday. So, who was this Saint Valentine to whom they owe the windfall?

There's More to Valentine's Day Than a Box of Chocolates

According to Drive Research, 52% of Americans will be celebrating Valentine's Day in 2024. 35% of consumers will shop online for gifts.

Saint Valentine's Day 2024 Theme

Love is the only theme of valentine's Day. It is the exchange of love between two loved ones. Valentine's Day is the day of romance.

In 2024, lavender-themed bouquets are making a significant impact. Picture a bouquet with lavender roses, paired with delicate baby's breath and greenery, creating a dreamy and romantic arrangement. Sunny Marigold: For those who want to infuse their Valentine's Day with vibrant energy, marigold is the color of choice.

60% of Americans planned to buy greetings and gift cards (NRF report 2023). Therefore, they are the top-selling items for Valentine's Day, especially if they are unique or personalized. Many people like to exchange cards on this holiday as a way to express their feelings and affection for their loved ones.

What do most people buy on Valentine's day? ›

Sure, diamonds are great, but chocolate's sweeter. This is probably why 57% of consumers buy Valentine's Day candy as a gift for their loved ones. Other popular gifts include cards (40%), flowers (37%), and an evening out (31%).

Diamonds seem to be a great option when you are aiming for the most expensive present. The Chopard 201 Carat watch will costs you a shocking €20 million. But it's not just an ordinary watch. The model is decorated with 874 diamonds in very unusual hues and special shapes, giving the watch a spectacular look.

Now, you may think residents in bigger states such as New York, Texas, California, and Florida would be the highest spenders on Valentines Day gifts. According to Clark's article, residents of Idaho, just to the north of Nevada, are the biggest spenders for this romantic holiday.

A survey from consumer review site Trustpilot found that the cost of Valentine's Day 2024 will average out to a spendy $157.52. Another report from Driver Research puts the total higher at $192, with dinner and drinks on Feb. 14 running about $154.

52 million USD

Valentine's Day / Budget

According to the National Retail Federation (NRF), 62% of consumers ages 25-34 plan to celebrate Valentine's Day in 2024. The projected total in general for spending is $25.8 billion, while the projection for spending specifically on significant others is $14.2 billion.

“Valentine's Day is a one-day opportunity. So sellers almost need a higher markup on the candy items to justify stocking the specially-packaged products,” Talbott said. At the same time, plenty of shoppers will likely not even be thinking about the price as Feb.