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Surveys: Consumer spending changes this Valentine's Day, more focused on experiences

Smart Spending Valentine Roses
Posted at 5:13 PM, Feb 10, 2023

How much are you spending this Valentine’s Day?

A survey by the National Retail Federation found that more than half, about 52%, of consumers plan to celebrate and will spend an average of $192.80.

“Total spending is expected to reach $25.9 billion, which is higher than last year’s $23.9 billion,” said Katherine Cullen, the senior director of industry and consumer insights at the National Retail Federation.

While the top gifts include candy, flowers, and greeting cards, experiences are growing as a popular gift option, too. One third, about 32%, of consumers plan to give an experience. This is an all time high in the survey’s history.

“Things like tickets to a concert, or a sporting event, or a spa experience for your loved one,” she said.

It’s not just your loved one. A third of consumers also plan on buying gifts for their pets.

“They’re looking to splurge not just on loved ones and significant others, but also all those other relationships in their lives,” Cullen said. This includes co-workers and teachers.

Another survey by RetailMeNot found Americans plan on spending an average of $80 per person on Valentine’s Day items.