Valentine’s Day is celebrated every year on February 14 and is widely considered the most romantic holiday of the year. Although the holiday’s roots are ancient and related to a Christian martyr, Saint Valentine of Rome, in today’s world, it is a celebration of love: both romantic love between partners, and platonic love between friends and family. On this day, children in the United States typically distribute Valentines cards and candy to their classmates and couples plan a romantic date night for the occasion. When asked whether they were planning to celebrate Valentine’s Day this year, just over half of adults in the United States said they would, making it one of the more divisive holidays.
Valentine’s Day expenditure
This year, consumers in the United States are expected to spend an estimated total of 26 billion U.S. dollars for Valentine’s Day, which would be an increase compared to the previous year, but a decrease when compared to the projected spending highs of 2020. This translates to an estimated average spend of just over 190 U.S. dollars per capita. In 2022, as well as previous years, a large portion of the country’s Valentine’s Day sales were set to be attributed to romantic outings and jewelry. Both categories recovered in 2022, after suffering forecasted drops in spending in 2021 as a result of the coronavirus (COVID-19) pandemic.
Romance versus rising prices
As of early 2022, consumer behavior shifted somewhat compared to before as a result of global inflation issues. This increase in consumer good prices came about due to several contributing factors, including the COVID-19 pandemic, and its ensuing supply problems, as well as Russia's invasion of Ukraine. From focusing on buying necessities only to putting off buying gas, consumers around the world and in the United States have been paying close attention to their spending habits as of late. When asked how inflation might affect their Valentine's Day plans in 2023, over 40 percent of U.S. consumers said they intended to look for lower cost gifts.
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Research expert covering shopping behavior, sports and leisure retail, and the subscriptions and direct selling industry