Lovers Spend Record Amount on Valentines
You can’t put a price on love.
But the National Retail Federation has done the next best thing: tally the average expenses and common items purchased on and around Valentine’s Day.
Last year saw around $20 billion spent on Valentine’s Day-related purchases, as more than 50 percent of consumers opened their purses and wallets, according to the National Retail Federation.
Cheap fuel and special holiday discounts directly contribute to the spending spree, according to analysts.
“Low gas prices and guaranteed promotions from retailers large and small should help consumers as they look for the perfect gift for their friends and family,” said Matthew Shay, CEO of the NRF. “We’re optimistic consumers are in a good place when it comes to spending on discretionary items like gifts.”
Valentine’s Day spending isn’t just for lovers, research found. Coworkers, parents, children’s classmates and even pets benefit from the largesse.
Below, the National Retail Federation breaks down Valentine’s Day spending for 2016:
By the Dollar
- Average amount consumers spent on Valentine’s Day related purchases: $89.86
- Amount spent on jewelry: $4.4 billion
- Amount spent on apparel: $2 billion
- Amount spent on flowers: $1.9 billion
- Amount spent on greeting cards: $1.1 billion:
- Amount spent on treats and gifts for pets: $681 million
- Average amount spent on parents or children: $27.79
- Average amount spent on children’s classmates: $7.08
- Average amount spent on co-workers: $5.83.
- Consumers who purchase Valentine’s Day gifts online: 27.9%
- Consumers who will visit a florist: 19.4%
- Consumers who will visit a specialty store: 19.1%
- Consumers who will shop at a local, small business: 15.4%