Love Is In The Air: Valentine’s Day Sales Continue To Grow

Nevin Barich

LOS ANGELES , February 14, 2020 (Industry Intelligence Inc.) –

Every year, it seems I have an ever-growing list of friends and family who choose not to celebrate Valentine’s Day in any way, shape or form. Recent statistics by the National Retail Federation (NRF), however, show that their refusal to celebrate isn’t putting a dent in the holiday’s sales.

According to the NRF, those celebrating the holiday said they plan to spend an average $196.31, up 21% over last year’s previous record of $161.96. Spending is expected to total $27.4 billion, up 32% from last year’s record $20.7 billion.

“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 same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.”

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. Other findings from the survey:

The biggest share of Valentine’s spending still goes to spouses and significant others at 52% of the total, or an average $101.21 this year, up from $93.24 in 2019.

Consumers said they will spend an average $30.19 on family members other than spouses, up slightly from $29.87 last year; $14.69 on friends, up from $9.78; $14.45 on children’s classmates and teachers, up from $8.63; $12.96 on co-workers, up from $7.78; $12.21 on pets, up from $6.94, and $10.60 on others, up from $5.72.

Twenty-seven percent said they will buy Valentine’s gifts for their pets, the highest figure in the history of the survey and up from 17% in 2010 for a total of $1.7 billion.

Department stores are the most popular Valentine’s Day shopping destination, visited by 36%, with discount stores and online tied at 32%, specialty stores at 19%, florists at 17%, local small businesses at 15% and clothing stores and jewelry shops tied at 11%.

Nevin Barich is the Food and Beverage Analyst for Industry Intelligence, which can help YOU better address your own industry challenges. We invite you to come take a look at our service.Call us today at 310-553-0008 and we’ll schedule you for a 15-minute demo.

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