A National Retail Federation survey finds that total spending on significant others for Valentine’s Day is expected to reach $14.2bn in 2024.
US-based retailers can look forward to sweet profits this Valentine’s Day according to the National Retail Federation (NRF).
Its annual survey of 8,000 adult consumers finds that more than half (53%) plan to celebrate the 2024 holiday and spend a total of $25.8bn, on par with spending in 2023 and the third highest amount in the survey’s history.
Consumers expect to spend $185.81 each on average, almost $8 more than the average Valentine’s Day spending since 2019.
GlobalData advises that retailers ensure their Valentine’s Day ranges have a broad pricing architecture as this will allow consumers to trade up or down within the retailer, rather than switching away.
Online platforms continue to be the most popular destination to shop for gifts at 40%, up from 35% in 2023. Consumers also plan to head to department stores (33%), discount stores (31%) and florists (17%).
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The top gifts include chocolates (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewellery (22%), clothing (21%) and gift cards (19%).
New spending records are expected for jewellery ($6.4bn), flowers ($2.6bn), clothing ($3bn) and an evening out ($4.9bn).
NRF president and CEO Matthew Shay explained: “With consumers prioritising their spouse or significant other this year, retailers can expect to see a shift in spending for certain gifting categories.”
However, Valentine’s Day isn’t for every consumer and savvy retailers can look to fill purchasing gaps. An annual event in China known as Single’s Day serves as an anti-Valentine’s for those wanting to celebrate their single status, and also presents a $45bn revenue opportunity for the country’s retailers.
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