Feb 6, 2025
Love comes with a price tag — but it wasn’t always this way. Once, romance may have been as simple as a whispered “I love you” over candlelight. Now, it’s a competition to snag the last overpriced bouquet at the florist.
As February 14 approaches, couples plan to spend more than ever to put a dollar sign on devotion.
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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.
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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.
One participant in the Moneywise street interview shared his plans for an extravagant Valentine’s Day, splurging on a $1,200 Chanel necklace and $500 designer heels for his partner.
But a thoughtful gift doesn’t have to be expensive. Homemade treats, handwritten notes, or shared experiences can be just as meaningful. Plan ahead, and your generosity won’t lead to financial regret when your March credit card bill arrives.
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Small business impact
For small businesses, Valentine’s Day isn’t just about romance — it’s a major revenue driver. From personalized champagne bottles with heartfelt messages to intimate cooking classes, small retailers thrive on offering unique gifts that big-box stores can’t exactly replicate.
The holiday season plays a bigger role in small business success than many shoppers realize. A study by Constant Contact found that half of small businesses rely on holiday sales for at least 25% of their annual revenue. And with Valentine’s Day spending on the rise, it’s an opportunity they can’t afford to miss.
E-commerce has also reshaped how people shop, allowing small businesses to reach more customers with handcrafted and customized products. Many independent retailers have leaned into social media marketing, using Instagram and TikTok to highlight curated Valentine’s gift ideas and last-minute deals. For small businesses, this holiday isn’t just about love — it plays a key role in survival.
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Victoria Vesovski is a Toronto-based staff reporter at Moneywise covering personal finance, lifestyle and trending news. She holds degrees from the University of Toronto and New York University, and her work has appeared on platforms including Yahoo Finance, MSN Money and Apple News.
