nation's largest retail trade group estimated that consumers are going to collectively dole out nearly $24 billion on Valentine's Day this year, marking the second-highest year on record.This year's projection is an increase from the $21.8 billion consumers spent in 2021, according to an annual survey by National Retail Federation and Prosper Insights & Analytics.
However, this year's projection falls just short of the $24.7 billion spent in 2020.The NRF's data comes just after holiday spending in 2021 grew 14.1% over the prior year to a record $886.7 billion. "Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022," NRF CEO Matthew Shay said in a statement.More than half of U.S.
consumers – 53% – are planning to celebrate Valentine's Day this year, according to the NRF. Of those celebrating, 76% indicated how important the holiday is "given the current state of the pandemic." FILE - A man is carrying a balloon as Valentine's Day celebrated at the Times Square in New York City, United States on Feb.14, 2021.
Each individual shopper is projected to spend an average of $175.41 on gifts, an increase from $164.76 in 2021, despite inflation hitting a nearly 40-year high.