Average American expected to spend $175.41 on dining out, jewelry and candy for Valentine’s Day gifts
Americans are expected to spend a collective $23.9 billion this Valentine’s Day, according to the National Retail Federation, which is up from $21.8 billion in 2021. The NRF, which has been conducting its annual Valentine’s Day consumer survey since 2004, says this would make 2022 the second-highest year for Valentine’s Day spending on record.
So to combat rising prices, 43% of surveyed consumers told Numerator that they plan to look for promotions and coupons; 32% plan to shop at different retailers; and 24% say they will buy in smaller quantities this year.Perhaps that explains why more than half of the almost 8,000 people surveyed by the National Retail Federation still said that they are planning to celebrate the Hallmark holiday on Monday. Shoppers are expected to drop an average of $175.41 each on gifts, which is up from $164.
According to the survey, shoppers plan to spend the most on jewelry and an evening out . They’ll also drop $2.2 billion on candy and $1 billion on greeting cards.
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