About half of U.S. adults plan to celebrate Valentine’s Day this year, spending a total of $21.8 billion, according to an annual survey released yesterday (January 28, 2021) by the National Retail Federation and Prosper Insights & Analytics.
Overall. sales will dip an average of $32 per Valentine’s Day participant.
$196.31 | Last year’s average spend for Valentine’s Day
$164.76 | This year’s average spend for Valentine’s Day
$32 | The drop-off of $32 this year is blamed on the pandemic and related economic crunch.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” said NRF President and CEO Matthew Shay. “However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations,” he said.
Survey highlight | This year is the first time consumers listed small businesses as a top-five shopping destination since the question was added to the survey in 2015.
$10.77 | Average spent by parents on items for children’s classmates and teachers, down from $14.45 last year.
$8.47 | Consumers plan to spend an average of $8.47 on colleagues, down from $12.96 in 2020.
74% | Percentage of consumers indicating the pandemic will directly impact their plans for the holiday.