Valentine’s Day spending to be second highest on record

Consumers are looking to celebrate Valentine’s Day in a big way — particularly when it comes to jewelry.

Spending for Valentine’s Day is expected to reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest year on record, according to the annual survey by the National Retail Federation and Prosper Insights & Analytics. The forecast comes on the heels of record holiday spending.

More than half (53%) of U.S. consumers plan to celebrate the holiday in 2022, up from 52% in 2021, the survey found. Almost a quarter (22%) will opt to buy jewelry. Total spending on jewelry is estimated at $6.2 billion, up from $4.1 billion in 2021 and the highest in the survey’s history. 

According to the survey, shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021. The increase comes as many intend to spend more on significant others or spouses.  

The most popular gift items for Valentine’s Day remain candy (56%), greeting cards (40%) and flowers (37%).  Nearly a third (31%) of respondents plan to gift an “evening out” this year, up from 24% in 2021 and just slightly below pre-pandemic levels, for a total of $4.3 billion. 

Additional highlights from the survey are below.

• The most popular shopping destinations for Valentine’s Day this year are online, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18% and florists at 17%.

• Demand for gifts of experience, such as tickets to a concert or sporting event, has  returned to pre-pandemic levels, with 41% saying they would “love to receive a gift of experience,” up from 36% last year.  

“While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift-givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago,” Prosper Insights executive VP of strategy Phil Rist said. “This is especially true among younger age groups.”