More U.S. consumers will shop online than through department stores, discount stores or florists for Valentine’s Day, the National Retail Federation (NRF) says. Moreover, ecommerce’s share of those sales is growing.
40% of consumers who plan to celebrate the holiday will shop online, up from 35% last year, according to the NRF. Meanwhile, 33% will purchase from department stores, followed by discount stores (31%) and florists (17%).
Results are based on 8,329 adult consumers surveyed between Jan. 2 and Jan. 8.
Top Valentine’s Day gifts
Candy will be the top Valentine’s Day gift this year, the NRF predicts. 57% of celebrants plan to buy candy. That’s on par with 2023 numbers. Greeting cards (40%), flowers (39%) and a night out (32%) all remain popular gifts too, at levels similar to last year. Clothing (21%) and gift cards (19%) rounded out the major gifting categories.
The NRF predicts several categories will break new spending records for Valentine’s Day. It estimates jewelry spending will come in at $6.4 billion, while spending on a night out could account for $4.9 billion. Meanwhile, clothing will amount to $3 billion in spending, followed by $2.6 billion on flowers, the NRF says.
“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics — candy and greeting cards,” executive vice president of strategy at Prosper Insights & Analytics Phil Rist said. “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”
How much will consumers spend on Valentine’s Day?
Just over half (53%) of consumers plan to celebrate Valentine’s Day this year, the NRF says. That’s about even with the 52% who celebrated in 2023. Of the 47% not planning to celebrate the occasion, 29% say they will still do something to mark the day, like purchasing themselves a treat or getting together with friends.
In total, consumers plan to spend $25.8 billion on Valentine’s Day celebrations in 2024, the NRF says. That would be the third-highest spending level since the organization started the survey in 2014. Consumers spent $25.9 billion on Valentine’s Day celebrations in 2023, and 2020 still holds the record with $27.4 billion.
Though overall spending hasn’t budged much since last year, more of it will be spent on significant others this year. Consumers are projected to spend $14.2 billion, about 55% of the total, on significant others. That’s the highest proportion allocated to significant others since conducting the survey. In contrast, last year, consumers spread spending around on other relationships in their lives, including friends, coworkers, and pets.
“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF president and CEO Matthew Shay said. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
Consumers who plan to celebrate will spend about $185.81 each on the holiday. That’s nearly $8 over the average across the last five years.
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