Valentine's Day just might be going to the dogs, cats, rabbits, birds, and other household pets.Pet lovers this year will spend $1.189 billion (yes, billion) on their beloved animals for Valentine's Day.That's according to new projections from the National Retail Federation (NRF), a nonprofit based in Washington, D.C., and Prosper Insights & Analytics.
The new spending projections came out on Monday, Jan. 31, 2022.Valentine’s Day spending overall in 2022 — on spouses, partners, friends, neighbors, pets, and more — is expected to reach $23.9 billion this year.That number is up from $21.8 billion in 2021.
This year's Valentine's Day spending could be the second-highest year on record, according to the same annual survey.Shoppers expect to spend an average of $175.41 per person (per human, that is) on Valentine’s Day gifts, which is up from $164.76 in 2021, the NRF said.The increase comes as many people intend to spend more on significant others or spouses.
Candy (56 percent), greeting cards (40 percent), and flowers (37 percent) remain the most popular gift items this Valentine’s Day, the NRF said.