It was noted Bronx poet Jennifer Lopez who remarked that “love don’t cost a thing.” While this may be true, the same cannot be said for Valentine’s Day gifts used to express said love. With the holiday right around the corner, let’s take a look at how Americans will spend in 2024.
I Would Do Anything for Love (But I Won’t Spend That)
The National Retail Federation (NRF) projects total spending will approach $25.8 billion on Valentine’s Day in 2024. This is on par with last year and is significantly higher than the pandemic years. That said, we’ve not yet recovered to pre-COVID spending for Cupid’s birthday.
While overall spending will be about the same as 2023, this year sentiment has shifted to prioritize gifting for significant others. As a result, $14.2 billion of the total Valentine’s Day spend in 2024 will be focused on romantic relationships. The remaining $11.6 billion will be spent on family and friends. With inflation easing slightly and unemployment remaining low, consumers may find more bang for their buck this year.
Looking at data from surveys by Trustpilot, Driver Research, and NRF, most consumers expect to spend somewhere between $157.52 and $192. Those in newer relationships, perhaps feeling the pressure to prove their affection, are likely to spend more. Driver Research’s survey findings suggest that individuals in relationships that are 1-2 years old will spend $247 on average.
Somebody to Love
53% of all adults have indicated that they plan to celebrate Valentine’s Day in 2024. Consumers in the 25-34 age range will be the most likely to participate, with 62% indicating that they have plans.
If you’re thinking about skipping the gifting this year, just make sure your partner’s expectations are aligned. One in ten Driver Research survey respondents in newer relationships indicated they’d say buh-bye to boo if they didn’t get a gift.
Can’t Buy Me Love (But I Will Take Chocolate)
The highest category of gift spending this year is Jewelry, but the highest volume of gifts purchased will be in the Candy, Greeting Cards, and Flowers categories. Experiential gifts, like dinner and a show, will also see an increase in interest this year, with 32% planning a special outing.
Happy Valentine’s Day from Vested!
When February 14 rolls around, perhaps you’ll find your wallet a little lighter, but I hope your heart will be too. Enjoy your romantic night out, your jewelry, and your candy – the real reasons for Valentine’s Day! What’s love got to do with it?