This Valentine's Day, Americans are expected to drop billions of dollars — all in the name of love.
A report by the National Retail Federation estimated that American consumers will spend $25.9 billion. That would mark a $2 billion jump from 2022.
On average, consumers are expected to dole out about $192.80 each, compared to 2022 when they spent $175.41 on the day. That figure is supposed to jump to $335.71 for people between the ages of 35 and 44, who are expected to spend a little more than any other age bracket.
“This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices.” noted Matthew Shay, president and CEO of the National Retail Federation, in a statement.
So what do people plan to buy? The report predicts that 57 percent of V-Day funds will be spent on candy, 40 percent on flowers, 21 percent on jewelry, 20 percent on gift cards, and clothing will likely account for 19 percent of spending.
The report also indicated that more than half of people planning to spend will take advantage of sales and promotions as they make purchases.