Americans are expected to shell out roughly $25.9 billion on Valentine’s Day, marking one of the highest spending years on record despite inflationary pressures and the looming possibility of a recession, according to a survey from the National Retail Federation.
The average lovebird will spend $192.80 on their significant others, marking a 10% increase from $175.41 last year and the second-highest figure since the group began tracking spending on the holiday nearly two decades ago. Roughly $14 of the $17 rise in spending per consumer will be used for pets, friends, co-workers, and teachers rather than significant others.
“Valentine’s Day is a special occasion to shop for the people we care most about,” National Retail Federation President and CEO Matthew Shay remarked. “This year, as consumers embrace