Of those surveyed, 55 percent of the population will be celebrating this year, with an average spend of $143.56 on Valentine’s Day, an increase from last year’s $136.57, according to an annual survey by the National Retail Federation and Prosper Insights & Analytics.
The total spending is expected to be the second-highest in the survey’s 15-year history, topped only by the record figures of $19.7 billion seen in 2016.
Of the other major spending categories, $3.7 billion will be spent on an evening out (35 percent), $2 billion on flowers (36 percent), $1.9 billion on clothing (17 percent), $1.5 billion on gift cards/gift certificates (15 percent) and $894 million on greeting cards (46 percent).
This year’s survey found consumers plan to spend an average $88.98 on their significant other/spouse ($12.1 billion), $25.29 on other family members such as children or parents ($3.5 billion), $7.26 on children’s classmates/teachers ($991 million), $7.19 on friends ($982 million), $5.50 on pets ($751 million) and $4.79 on co-workers ($654 million). Consumers aged 25-34 will be the biggest spenders, with an average spend of $202.76.
More than one-third of consumers plan to shop at department stores (35 percent), with 32 percent at discount store, 29 percent online, 19 percent at specialty stores, 17 percent at florists, and 14 percent at local small businesses.
The survey, which asked 7,277 consumers about their Valentine’s Day plans, was conducted January 3-10 and has a margin of error of plus or minus 1.1 percentage points, the NRF added.
