Americans are likely to spend US$23.9 billion during Valentine’s Day this year, up from US$21.8 billion in 2021 and the second-highest year on record, revealed an annual survey by the National Retail Federation and Prosper Insights & Analytics. 

Jewellery is among the top gifts that consumers are expected to splurge on, the survey also showed. 

“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF President and CEO Matthew Shay said. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”

More than half (53 per cent) of US consumers plan to celebrate the holiday in 2022, up from 52 per cent in 2021. Around 76 per cent of those celebrating indicate it is important to do so given the current state of the pandemic. 

According to the survey, shoppers expect to spend an average of US$175.41 per person on Valentine’s Day gifts, up from US$164.76 in 2021. The increase comes as many intend to spend more on significant others or spouses.

Candy (56 per cent), greeting cards (40 per cent) and flowers (37 per cent) remain the most popular gift items. Nearly a third (31 per cent) of respondents plan to gift an “evening out” this year, up from 24 per cent in 2021 and just slightly below pre-pandemic levels, for a total of US$4.3 billion. 

Almost a quarter (22 per cent) will opt to gift jewellery to a special someone. Total spending on jewellery is estimated at US$6.2 billion, up from US$4.1 billion in 2021 and the highest in the survey’s history.