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.
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.
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 UPDATES–Newsydrone.com