From boxes of chocolate and candy hearts to floral bouquets and more, shoppers are ready to celebrate love this Valentine’s Day. The latest study from NRF and Prosper Insights & Analytics found that total spending on the holiday is expected to reach a record $27.5 billion and that more people are planning to participate in the holiday compared with last year.
To understand what’s driving these trends, NRF took a closer look at the data and identified three key themes that explain why this holiday continues to capture consumers’ hearts (and wallets).
Whether they’re in a new relationship or have been together for decades, the top reason shoppers say they are celebrating Valentine’s Day is because it is important to their significant other. Shoppers are planning special evenings out, purchasing gifts of clothes and jewelry, and picking up sweet treats to show all the ways they care.
But romance isn’t the only reason consumers like Valentine’s Day. Another 43% say it represents a fun activity with family or friends and 20% say it is their favorite holiday. Regardless of what’s motivating them, very few consumers are just looking to check a box. Only 10% say they celebrate because it is expected of them.
Given why most shoppers are planning to celebrate, it’s no surprise that the majority (85%) plan to purchase gifts for their significant others. And they spend the most on these purchases, by far. However, in recent years, it has become clear that the holiday embodies more than romantic love: Gifting for friends, co-workers, children’s classmates and teachers has all risen dramatically.
Who is leading these trends? Younger consumers, aged 18-24, are most likely to be buying gifts for their friends and colleagues; those aged 35-44 are most likely to be purchasing gifts for their kids’ classrooms and teachers. But before you get too excited about a gift from your bestie, remember this – people are just as likely to purchase a Valentine’s Day gift for their pet as for a friend.
Regardless of who they are celebrating this February, consumers aren’t leaving their plans up to chance. Three-quarters of those celebrating say they start planning for their holiday in the first week of February or earlier. Women are more likely than men to identify as procrastinators, with 28% saying they don’t start making their celebration plans until the week or day of the holiday itself.For more insights and data, visit NRF’s Valentine’s Day Headquarters.