Valentine's Day spending in the US is set to hit a new high! The most popular gift is...

It is learned that according to the annual survey report released by the National Retail Federation (NRF) and Prosper Insights & Analytics, American consumers will spend $25.9 billion on Valentine's Day this year, up from $23.9 billion last year, setting a record high.

“Valentine’s Day is a special time for Americans to shop for their loved ones,” said Matthew Shay, NRF president and CEO. “As consumers become more willing to spend on friends and loved ones, retailers are ready to deliver memorable gifts at affordable prices.”

The report shows that more than half (52%) of American consumers plan to celebrate Valentine's Day, and their average spending will be $192.80, up from $175.41 in 2022. Of the $17 increase in per capita spending, $14 will be spent on pets, friends, colleagues, classmates, and teachers. However, consumers' spending on partners and family members is consistent with last year.

Notably, people in the 35 to 44 age group will have the highest spending levels, with an average outlay of $335.71, about $142.91 more than the average consumer celebrating the holidays.

Similar to recent years, the top place consumers buy Valentine’s Day gifts is online (35%), followed by department stores (34%), discount stores (31%) and specialty stores (18%).

This year, the most popular gifts for Valentine's Day include candy (57%), greeting cards (40%), flowers (37%), a night out (32%), jewelry (21%), gift cards (20%) and clothing (19%). Specifically, Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a night out. In addition, about a third (32%) plan to give an experience gift, up from 26% last year.

"Men are more likely to give experiential gifts than last year," said Phil Rist, executive vice president of strategy at Prosper. Another notable finding is that more than half of consumers will be looking for discounts and promotions on Valentine's Day.

Among those who do not plan to celebrate Valentine's Day, 28% will still mark the holiday in some way, by looking for non-Valentine's Day gifts, buying special items to treat themselves, or gathering or going out with friends and family members.

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