The Margin: Inflation can’t stop Cupid: Americans are spending almost $200 apiece on Valentine’s Day – and $26 billion overall

by | Feb 13, 2023 | Stock Market

Can’t buy me love? Sure you can, according to several consumer surveys leading up to Valentine’s Day — even if inflation is pinching plenty of pocketbooks this year.  The National Retail Federation expects Americans to drop $25.9 billion around Valentine’s Day, which is up from $23.9 billion last year, and one of the highest spending years on record. The NRF says paramours will be paying more than $5.5 billion on jewelry and almost $4.4 billion on a special evening out — although they might wanna think twice before booking a Valentine’s Day restaurant reservation. 

Read more: 5 reasons you shouldn’t go to a restaurant on Valentine’s Day The annual Valentine’s survey from the NRF and Prosper Insights & Analytics polled more than 7,600 U.S. adult consumers between Jan. 3 and Jan. 11. It found that more than half (52%) plan to celebrate the holiday this year. And they are planning to spend $192.80 apiece on average, which is up from $175.41 last year — and the second-highest per-person spending figure since the NRF and Prosper began tracking Valentine’s Day shopping in 2004.  So what are Americans dropping almost $26 billion on while playing Cupid?  Well, dogs and cats are getting their paws on a growing share of it. Turns out, of the $17 per-person spending increase over last year, $14 has been earmarked for presents for pets, friends, coworkers, classmates and teachers, the NRF says.  The most popular Valentine’s Day gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%), per the NRF report.  Polling from Forbes Advisor also found that rising prices won’t knock down Cupid’s arrow, as, despite inflation, 59% of r …

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