According to the National Retail Federation, Americans will spend $27.5 billion on Valentine’s Day this year, up from $25.8 billion last year and slightly above the previous record of $27.4 billion set in 2020. This translates to $188.81 per shopper on average.
When it comes to gifts, the classics still reign supreme. More than half of shoppers (56%) plan to buy candy, followed by flowers (40%), greeting cards (40%), a night out (35%), and jewelry (22%).
Some lovebirds are thinking outside the (chocolate) box. “I bought my girlfriend five Lana Del Rey records. That was $250, all in all,” one Valentine’s Day shopper shared during a Moneywise street interview.
But with the cost of living climbing, the surge in Valentine’s Day spending only reinforces one truth — love isn’t just an emotion anymore; it’s an investment.
The list keeps growing
As Valentine’s Day spending rises, so does the list of gift recipients. But it’s not just about romance — many now use the holiday to celebrate friendships, family, and even coworkers, turning the holiday into a broader expression of appreciation.
“Purchasing gifts for those outside of significant others or family members continues to rise in popularity and reflects consumers’ growing interest in celebrating all the meaningful relationships in their lives,” said Phil Rist the Prosper Insights & Analytics Executive Vice President of Strategy at NRF.
From “Galentine’s Day” gatherings to small tokens for teachers and even pets, Valentine’s Day has become more inclusive.
"One-third (32%) of consumers also plan to purchase gifts for friends this Valentine’s Day, up from 28% last year and the highest in the survey’s history. Another 19% expect to purchase gifts for co-workers, up from 16% in 2024 and another record. On par with last year, 32% also plan to purchase gifts for their pets," said the press release.
But with a growing list of recipients, costs can add up fast. Creating a budget can help avoid impulse spending.
According to a recent LendingTree study, 36% of Americans took on holiday debt during the winter season, with 42% having interest rates of 20% or higher. While Christmas overspending is expected, Valentine’s Day spending can also sneak up on you.
