Valentine’s Day Spending Expected to Top $14 Billion Nationwide, NRF Survey Shows
Frankfort, Ky.— With Valentine’s Day around the corner, Kentucky retailers, large and small, are busy preparing for one of the busiest Valentine’s Day seasons in recent years. The holiday is projected to generate $14.2 billion nationwide, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
“Kentucky’s retail community is thrilled to see a surge in Valentine’ Day enthusiasm,” said Tod Griffin, President of the Kentucky Retail Federation. “Retailers across the state stand ready to help customers find meaningful gifts for their loved ones for Valentine’s Day.”
The survey data shows a shift in spending for certain gifting categories. The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and an evening out ($4.9 billion).
Beyond traditional gifts, retailers are seeing a continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.
Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.
Overall, consumers plan to spend a total of $25.8 billion to celebrate Valentine’s Day, on par with last year’s spending and the third highest in the survey’s history. Individually, consumers expect to spend $185.81 on average, nearly $8 more than the average Valentine’s Day spending over the last five years.
“This Valentine’s Day, we encourage Kentuckians to support the businesses that make our communities thrive,” added Griffin. “From restaurants for a romantic dinner, to boutiques offering personalized gifts and businesses that can help you plan a memorable experience, Kentucky’s retailers offer something for everyone to celebrate the holiday.”
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The Kentucky Retail Federation is the “Voice of Retailing” throughout the Commonwealth, representing retailers of all types and sizes since 1939. From Main Street to the mall, retailers enhance Kentucky’s communities and provide a better quality of life for Kentuckians everywhere. Kentucky’s retail industry supports 556,000 jobs and pays more than $9.3 billion in wages annually. Retailers collect over $2.8 billion in state sales tax and pay millions in other taxes to state and local governments.
