Valentine’s Day 2022 spending to reach $23.9 bn in US: Report

Valentine’s Day spending is expected to reach $23.9 billion this year in the US, up from $21.8 billion in 2021 and the second-highest year on record, as per a recent survey. Online continues to be the most popular shopping destination for Valentine’s Day, visited by 41 per cent, followed by department stores at 32 per cent, discount stores at 28 per cent and local small businesses at 18 per cent.

More than half (53 per cent) of US consumers plan to celebrate the holiday in 2022, up from 52 per cent in 2021. More than three-quarters (76 per cent) of those celebrating indicate it is important to do so given the current state of the pandemic, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.

Shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021, as per the survey The increase comes as many intend to spend more on significant others or spouses.

Valentine’s Day spending is expected to reach $23.9 billion this year in the US, up from $21.8 billion in 2021, as per a new report. Online continues to be the most popular shopping destination for Valentine’s Day, visited by 41 per cent, followed by department stores at 32 per cent, discount stores at 28 per cent and local small businesses at 18 per cent.

“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF president and CEO Matthew Shay said. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”

The survey of 7,728 US adult consumers was conducted January 3-11 and has a margin of error of plus or minus 1.1 percentage points.

Fibre2Fashion News Desk (KD)