According to surveys conducted by the National Retail Federation, spending on celebration of Valentine’s Day in 2020 will again set a record. The growth is expected to be at least 30%.
In 2019, holiday expenses amounted to $ 20.7 billion. This year, people in love are expected to spend about $ 27.5 billion to make beautiful gestures. About $ 196 will be spent on average per person. The increase compared to last year is 20%.
“Valentine’s Day is a romantic tradition. But the ability to give presents may vary depending on the economy. People willingly spent money for Christmas and New Year and it seems that the trend will continue for the whole year. We still have high rates of employment and salaries. There are all preconditions that this year people will spend more on February 14 than last year, ”said Matthew Shay, CEO of the National Retail Federation.
According to surveys, the number of people celebrating this holiday will increase to 55%. Last year, there were 51%. A record was set in 2007, then 65% of respondents said they would celebrate Valentine’s Day.
Who do the Americans give gifts to?
More than half of all costs will be spent on gifts to spouses and partners – $ 100. About $ 30 will be spent on children and parents. Presents for friends will cost about $ 15, classmates and teachers will receive presents valued at $ 14.5. $ 13 will be spent on colleagues, $ 12 on animals.
About a third of respondents said they were going to buy gifts for their pets. Ten years ago, only 17% of Americans were going to give presents to animals. It was estimated that $ 1.7 billion would be spent on pet gifts. In 2008, they were equal to 519 million US dollars. That was when the association first conducted such a survey.
As always, men spend more than women. Their costs will be approximately $ 291. Women will spend $ 106. The biggest expenses fall to the people of 35-45 years old. They plan to buy gifts for $ 358. Young people under 34 will spend $ 307.
What do they present most often?
More than 20% of respondents will give jewelry and spend about $ 6 billion. About 35% of respondents intend to spend the evening with a special someone in a restaurant. Such a dinner will cost about $ 4.3 billion in total spending.
About 40% will spend 2.3 billion US dollars for flowers. Another 20% will buy clothes as a gift (about 3 billion US dollars). About the same number of people is going to give certificates ($ 2 billion). 40% will buy postcards. More than half of the respondents intend to purchase sweets ($ 2.4 billion).
Gifts like concert tickets or spa certificates are also popular. Such gifts will be made by almost 30% of respondents. More than 40% replied that they would like to get such presents.
Most gifts are bought at department stores, online stores, florists, jewelry and clothing stores.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group