A Hallmark Holiday
Whether you’re one of those cynics who thinks Valentine’s Day is just a holiday ginned up by the card, flower, and jewelry industries, or whether you go all in with the hearts and chocolate, you might be surprised to learn about the demand of Valentine’s goodies: how much people spend—and who spends the most.
According to the National Retail Federation, only about 55% of Americans celebrate Valentine’s Day, but those who do will shell out an average of $146.84, up a few bucks from last year’s average of $142.31. In total, Valentine’s Day total revenue is expected to hit $19.7 billion this year.
What are American lovebirds buying for that money? Flowers, trinkets, and candy of course—we’ll spend $1.7 billion just on sweet treats—but also $4.5 billion on romantic dinners out and tickets to movies, shows, or other attractions. About a quarter of respondents say they’ll give experience gifts this year, and almost half acknowledge that they’d like to receive such a gift.
Just over 90% of respondents are buying Valentine’s Day gifts for their significant others—and spending some $12 billion in the process—but it's not just romantic partners who feel the love on this holiday. We spend an average of just under $28 each on cards, gifts, and other expressions of sentiment for family members like kids and parents. Another roughly $7 each on kids’ teachers and classmates, and nearly $6 each on coworkers. When people don’t participate in the Valentine’s holiday, their opportunity cost is missing out on making people happy and endearing them to you.