It seems like the love for Valentine’s Day is growing every year. National Retail Federations’ Annual 2020 Valentine’s Day Spending Survey, conducted by Proper Insights & Analytics expects the Valentine’s Day spending to hit record $27.4 billion, shattering 2019’s record of $20.7 billion with a 32% increase. Those celebrating the holiday said they plan to spend an average $196.31, up 21% over last year’s previous record of $161.96.
“Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” said NRF President and CEO Matthew Shay. “Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year.”
The unusually large increase in average spending appears to be due to strong consumer finances and a continued trend of consumers buying more gifts, cards, candy and flowers for friends, family, co-workers and pets. The increase in total spending comes as the number of people celebrating Valentine’s Day returned to 55%, about average for the past decade, after a dip to 51% last year.
The consumer survey showed that the biggest shares of spending still belongs to spouses and significant others at 52% of the total. But it’s worth noting that it is actually down from 61% a decade ago. However, consumers are showing more love to their pets totaling $1.7 billion. It is the highest figure in the history of the survey, which is 17% higher than 2010.