Who says that love doesn’t cost anything? In 2023, Valentine’s Day spending will increase to $26 billion.

Americans claim they are willing to spend even more on Valentine’s Day this year, despite feeling the strain of rising prices.

Valentine’s consumer expenditure is anticipated to rise by 8% to $26 billion in 2023, making it the second-highest year ever. Prosper Insights & Analytics and the National Retail Federation predict that spending during the February holiday will be among the greatest ever.

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Consumers aim to spend the most money on their loved ones, according to the research of 7,616 American adults. They also intend to resume their pre-pandemic behaviors by sending Valentines to the important people in their lives. READ MORE-WHEN IS VALENTINE’S DAY IN 2023, AND WHY WE CELEBRATE IT.

The typical amount that will be spent on Valentine’s Day gifts for friends and animals
Pet-related gifts are one of the Valentine’s Day gift categories that is growing the fastest. The survey found that 27% more people intended to buy gifts for their pets between 2010 and 2020. Out of the $17 increase in spending per individual, $14 comes from gifts.

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Spending on Valentine’s Day by household
A $17 increase in total household spending is anticipated, which would bring it to the second-highest level since the retail federation and Prosper started keeping track of Valentine’s Day spending in 2004 and almost match the pre-pandemic peak of 2020.

Even those who don’t intend to celebrate Valentine’s Day nevertheless do something to mark the day. They might look for non-gifts, spoil themselves, or organize a get-together or night out with other single friends and family members. FOLLOW FOR MORE UPDATESNewsydrone.com

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