Valentine’s Day spending expected to hit record despite drop in participation

Valentine’s Day spending expected to hit record despite drop in participation

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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