It seems like the love for Valentine's Day is growing every year.
How do we say that?
Well, the data tells the story.
National Retail Federations’ Annual 2020 Valentine’s Day Spending Survey, conducted by Proper Insights & Analytics expects the Valentine's Day spending to hit record $27.4 billion, shattering 2019’s record of $20.7 billion with a 32% increase.
“Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” NRF President and CEO Matthew Shay, said in a statement. "Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.”
The survey of 7,267 adult consumers showed that the biggest shares of spending still belongs to spouses and significant others at 52% of the total. But it's worth noting that it is actually down from 61 % a decade ago.
However, consumers are showing more love to their pets totaling $1.7 billion. It is the highest figure in the history of the survey, which is 17% higher than 2010.
“Husbands and wives don’t need to be worried if their spouses are buying a Valentine’s Day gift for someone else – most likely it’s greeting cards for their children’s class at school, flowers for a family member or maybe a treat for the family dog,’ Prosper Insights Executive VP of Strategy Phil Rist told the NRF.
Over 5 in 10 consumers plan to celebrate this day together.
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