If you're wondering where your sales are - keep in mind, that Valentine's Day is typically a last minute holiday. Many sales occur the day of, rather than planned in advance - so it's important to have cash and carry items ready for purchase.
Here's the good news - - This Valentine's Day is expected to be as good if not better than last year. Although 2020 was a record sales year for the holiday, average spending continues to steadily grow.
According to the National Retail Federation, consumer spending on Valentine’s Day 2023 totaled $25.9 billion, and was up 8.37% from last year. While total spending for Valentine’s Day 2023 was up, it was 5.47% below the all-time high of $27.4 billion total spending on Valentine’s Day 2020.
While you can't put a price on love, here's a look at total Valentine's Day spending over the past few years:
Annual Valentine’s Day Spending | ||
Year | Average Budget | Total Spending |
2023 | $192.80 | $25.9 billion |
2022 | $175.41 | $23.9 billion |
2021 | $164.76 | $21.8 billion |
2020 | $196.31 | $27.4 billion |
2019 | $161.96 | $20.7 billion |
2018 | $143.56 | $19.6 billion |
2017 | $136.57 | $18.2 billion |
2016 | $146.84 | $19.7 billion |
2015 | $142.31 | $18.9 billion |
So how do consumers shop and where do they spend their money? Take a look:
The average American consumer budgeted $192.80 for Valentine’s Day 2023, up 9.91% from 2022. The record high was $196.31 in 2020.
Over 136.9 million or 53% of Americans shopped for Valentine’s Day in 2022.
53% of consumers buy candy, 40% of consumers shop for Valentine’s greeting cards, 37% shop for flowers and 21% shop for jewelry.
The biggest spenders are adults between 35 and 44 years old, who spend on average $280 for the holiday. The over 65 crowd spends the least - - about $87.
The average man celebrating Valentine’s Day spends $235 while the average woman spends $119 or 50.6% as much.
Here are some other interesting statistics:
Pet owners spend a total of $2.14 billion on Valentine’s Day gifts for their pets - spending on average $31.24 for their dogs and $27.42 for cats.
Here's a good one - - Americans spend up to $9.5 billion on Valentine’s Day gifts that are ultimately unwanted by their recipients.
47% of consumers plan to buy themselves a box of chocolates.
39% of Valentine’s candy and gifts go to children.
61% of men who purchase flowers gift them to a spouse.
Over 140 million greeting cards are sold on Valentine's Day.
In 2020, 10% of Valentine’s shoppers went into debt to purchase gifts.
For those of us in the floral world, here you go:
There are more transactions for flowers on Valentine’s Day than on any other holiday (even Mother's Day).
In preparation for Valentine’s Day, florists stock approximately 250 million roses.
22% of American adults purchase flowers for Valentine’s Day.
38% of men and 19% of women purchase flowers for Valentine’s Day.
83% of consumers who buy Valentine’s Day flowers purchase roses.
Women are most likely to give mothers Valentine’s Day flowers (28%)
Only 16% of consumers shop at local florists for Valentine's Day - - 35% of consumers shop online for Valentine’s Day gifts, 34% shop at department stores, 31% shop at discount stores and 17% shop at small local businesses.
"Marriage is a lot like the army - - everyone complains, but you'd be surprised
at the large number that re-enlist."
James Garner