Saturday March 02, 2024

Valentines Day spending expected to reach record high in US

NRF predicts total spending on significant others might reach record $14.2bn this year

By Web Desk
January 30, 2024
A couple holding a gift. — Pixabay
A couple holding a gift. — Pixabay

Valentine’s Day is a day of love when couples express their affection towards each other with greetings and presents. 

It is annually celebrated on February 14. Couples celebrate the day with the utmost happiness, while single people spend it cooped up in a corner.

If you're one of the millions of consumers joyfully sharing lives with someone right now, the National Retail Federation thinks you're going to show it this Valentine's Day, NBC News reported.

The NRF has predicted that total spending on significant others might reach a record $14.2 billion this year.

While inflation has affected almost all areas of spending in recent times, Valentine's Day is one day that has been predicted to have record-breaking sales in the US.

According to the survey conducted by the NRF, consumers are expected to spend on categories such as jewellery, flowers, clothing, and an evening out.

In years past, shoppers may have also purchased Valentine's Day gifts to commemorate platonic relationships with their children's teachers or close friends, but they are less likely to do that this time around, according to the NRF.

"People are normalising their Valentine's spending when it comes to what they purchase for nonromantic relationships in their lives," said Katherine Cullen, the NRF's vice president for industry and consumer insights. 

"They're getting back to the true purpose of celebrating romantic relationships."

So what are you planning to gift your significant other this Valentine's?