While sweethearts are in the midst of planning special gifts for their loved ones this Valentine’s Day, retailers are feeling the love from shoppers.
Consumers are expected to shell out approximately $24 billion this February 14th, which could make it the second highest selling year of all time.
The record for Valentine’s Day spending goes to 2020 when shoppers doled out $24.7 billion in sales. Predictions for 2022 are slated to outpace last year’s spending which totaled $21.8 billion.
The message to retailers is clear: Valentine’s Day pays big so gear up. While traditional gifts like candy, cards, and flowers remain on the docket, one of the most notable increases is in gifts that offer experiences. Concert tickets, sporting events, or an evening out are high on consumers’ lists this year – a sign which a survey by National Retail Federation and Prosper Insights & Analytics says heralds a return to pre-pandemic levels.
Said Prosper Insights Executive Vice President of Strategy, Phil Rist, “While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago.”
Accordingly, over 40% of consumers indicated they would “love to receive a gift of experience,” marking an increase over 36% willing to do so in 2021.
What prompts the record-high enthusiasm by Valentine’s shoppers this year? Read more here: https://www.foxbusiness.com/lifestyle/valentines-day-2022-spending.