On Valentine's Day, the average US consumer spent just under two hundred dollars to express their affection to a spouse, relative or friend. A recent NRF report says, indicates that individuals plan to spend an average of $185.81, nearly $8 more than the average spending over the past five years.
This increase in expenditure reflects the broadening scope of Valentine's Day celebrations, extending beyond romantic partners to include friends, family, pets, and co-workers.
Millennials, in particular, are projected to be the most generous, with plans to spend around $310 on Valentine's Day festivities. This figure surpasses the spending intentions of other generations, such as Gen X at $133, Gen Z at $105, and Boomers at $74.
The overall spending for Valentine's Day in the United States has been substantial, with consumers having spent an estimated $25.9 billion in 2023, demonstrating the holiday's significant economic impact.
It's noteworthy that while some consumers may expect their Valentine to spend at least $50 on a gift, others may anticipate a higher outlay. For instance, one survey found that the cost of Valentine's Day in 2024 would average out to approximately $157.52 to $192, indicating a range of expectations when it comes to gift-giving.
Valentine's Day continues to be a day where Americans are willing to spend generously to show their love and appreciation for the important people in their lives, with average expenditures reflecting this sentiment. Read full report here.
