Daily Management Review

Americans to spend around $25.8B on Valentine's Day in 2024


According to a survey conducted by the US National Retail Federation (NRF), Americans would spend approximately $25.8 billion overall on Valentine's Day (February 14) this year, nearly unchanged from the previous year.

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2020 saw the record high of $27.4 billion.

With an average of $185.81 prepared to spend on the occasion, more over half of respondents (53%) say they want to celebrate Valentine's Day just as they did the previous year. This is around $8 higher than the five-year average.

Sweets (57%) are still the most preferred present, followed by cards (40%) and flowers (39%). In the meanwhile, 32% of respondents said they would like to eat out, 22% said they would present jewelry, 21% said they would give clothes, and 19% said they would give gift cards or certificates. An estimated $6.4 billion will be spent on jewelry, $2.6 billion on flowers, $3 billion on apparel, and $4.9 billion on celebrations held outside the home.

When purchasing gifts, Americans are most inclined to use internet merchants (40%), followed by offline stores (33%), bargain stores (31%), and flower shops (17%).

source: cnn.com