Shoppers are getting ready to spend over $17 billion to demonstrate their love to friends, family, and sweethearts, in celebration of Valentine’s Day.
And it won’t all be spent on candy and flowers, though much of it will. Jewelry will take up a big chunk of those funds, about $4 billion. Almost as much, $3.5 billion, will be spent on a special evening out.
But what is Valentine’s Day without flowers? And Candy?
It’s estimated that we will spend $1.8 billion on roses, carnations, mixed arrangements and other blooms. We will spend $1.5 billion on chocolate hearts and other candy. $1.4 billion will be spent on clothing, and just over $1 billion on gift cards.
These are the results of a Valentine’s Day spending study that was completed by the consumer data tracking company BIGinsight, and released by the National Retail Federation. They polled 9317 consumers between January 4th to the 11th. They claim a margin of error of only plus or minus 1%.
The survey also found that, on average, we will spend about $74 on our partner or significant other for Valentine’s Day. That’s up $4 from last year’s numbers. They also said that shoppers will spend an average of $25 on their children, parents or other family members. About $7 will go toward friends, and about $5 will be spent on our pets.