Valentine’s Day spending expected to hit record despite drop in participation
SPOKANE, Wash. — The percentage of Americans who say they’ll celebrate Valentine’s Day is declining but spending is expected to reach a record-high.
According to the National Retail Federation, consumers are set to spend 20.7 billion on the holiday this year though only 51% of people surveyed sid they would be celebrating.
That’s just about of $162, on average, per person. Last year, that number was about $144.
$3.9 billion will be spent on jewelry and $3.5 billion on an evening out. Consumers will spend an estimated $2.1 billion on clothing, $1.8 billion on candy and $1.9 billion on flowers.
The NRF says spending on Valentine’s Day gifts for pets is also on the rise. An estimated $886 million will be spent on pet gifts this year.
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