Americans, according to the National Retail Federation (NRF), will spend around $26 billion on Valentine's Day in 2023. This figure is second only to 2020's $27.4 billion spent on the holiday. It is estimated 52% of consumers will celebrate the day, down from its 2007 high of 63%. Although the average consumer will shell out $192.80 for Valentines, those from 35 to 44 years old will spend an average of $335.
The most popular shopping destinations to buy Valentine's Day gifts are online (35%), then department stores (34%), discount stores (31%) and finally specialty stores (18%).
The top three gifts purchased are candy (57%), greeting cards (40%) and flowers (37%).
Surprisingly, a growing number of gifts are bought for pets. Consumers, in 2020, spent an astonishing $1.7 billion on Valentine's Day presents for their animal friends.
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