Despite Covid-19 restrictions, many Americans pressed on and celebrated Valentine's Day in 2021 regardless. The National Retail Federation estimated total spending in the U.S. to have been $21.8 billion. As our chart shows though, that did represent a considerable decline on the $27.4 billion recorded in 2020 - the final pre-pandemic Day of Love. The situation appears to be on the mend in 2022, though, with total spending forecast to rise to $23.9 billion.
“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.”
According to the NRF, Just over half (53 percent) of U.S. consumers plan to celebrate on February 14 in 2022, up ever so slightly from the 52 percent in 2021. The average shopper expects to spend substantially more on Valentine's Day gifts, however - $175.41 per person, up from $164.76 in 2021. "Candy (56 percent), greeting cards (40 percent) and flowers (37 percent) remain the most popular gift items this Valentine’s Day. " In a boost for the pandemic-hit hospitality industry, "nearly a third (31 percent) of respondents plan to gift an “evening out” this year, up from 24 percent in 2021 and just slightly below pre-pandemic levels, for a total of $4.3 billion."