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Valentine’s Day spending is expected to rise 8.4% this year

This article was written with the assistance of GPT-3.

The forecast: Consumers are expected to spend $25.9 billion on Valentine’s Day this year, per a new forecast by the National Retail Federation (NRF) and Prosper Insights & Analytics.

  • This is up from $23.9 billion in 2022.

How consumer spending is changing: The average US consumer expects to spend $192.80 on the holiday, a 9.9% increase from $175.41 last year, and the second highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004.

  • Roughly $14 of the $17 increase in per-person spending will stem from shoppers buying gifts for pets, friends and co-workers, along with classmates or teachers.
  • Thirty-two percent of consumers plan to give the gift of an experience, up from 26% last year and the highest share since NRF and Prosper started asking the question in 2017.

The big takeaway: Inflation isn’t dampening consumers’ appetites to celebrate occasions such as Valentine’s Day.

  • In fact, despite rising prices, consumers are feeling generous as they expand the number of people whom they buy for. That’s good news for retailers such as department stores and florists.

This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.