Valentine’s Day spending projected to increase 8% from last year as inflation lingers

For many people, Valentine's Day presents an opportunity to express love to that special person in your life, oftentimes through gifts. Whether your sweetheart prefers flowers, jewelry, or a home-cooked meal, inflation will factor into the cost of just about everything this Valentine's Day.

Consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record, according to the National Retail Federation.

According to data from a survey released in late January, 52% of consumers plan to celebrate and will spend an average of $192.80. The dollar amount is up from $175.41 in 2022, and the second-highest figure since NRF began tracking Valentine’s Day spending in 2004.

While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends and co-workers, along with classmates or teachers.

Those aged 35 to 44 plan to outspend other age groups, allocating $335.71 on average for gifts and other Valentine’s Day items, approximately $142.91 more than the average consumer celebrating the holiday.

Similar to recent years, the top shopping destination to purchase Valentine’s Day gifts is online (35%), closely followed by department stores (34%), discount stores (31%) and specialty stores (18%). 

The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%). Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out. About one-third (32%) plan to give a gift of experience, up from 26% last year and the highest since NRF and Prosper started asking this question in 2017. 

The owner of Coachella Valley Floral Distributors in Thousand Palms, Sharon Gonzalez, said her business is steady, but people are looking for ways to save. She said she's noticed some customers cutting down on quantity, while still getting the flowers they want.

Gonzalez said customers can still call (760) 610-1521 to place their orders. The shop will be open from 7:00 a.m. to 7:00 p.m. on Valentine's Day. Delivery is available with an additional fee, but time slots are running out.