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Consumers expected to spend a record $14 billion on Valentine's Day

The National Retail Federation said the top gifts include candy, greeting cards, and flowers. But be ready to pay more for that box of chocolates.
Consumers expected to spend a record $14 billion on Valentine's Day
Posted at 3:49 PM, Feb 14, 2024

The day to celebrate love is here and for many, it's a last-minute scramble to buy a gift. 

The National Retail Federation says more than half of U.S. consumers will celebrate Valentine's Day, spending an estimated $14 billion.

Katherine Cullen, the vice president of Industry and Consumer Insights at the National Retail Federation said, "they're spending record amounts on significant others and really prioritizing gifts like jewelry or an evening out."

The National Retail Federation said the top gifts include candy, greeting cards, and flowers. But be ready to pay more for that box of chocolates. 

The price of the key ingredient, cocoa, has more than doubled in the past year. That's because extreme weather in West Africa has affected crop yields. 

The news is better if you're opting for a bouquet of roses, though.

Kerry Durban, the owner of Adrian Durban Florist in Cincinnati said of prices, "they have levelled off, in some cases they've gone down a little bit."

A special dinner out can contribute to the average $185 consumers will spend this holiday.

Daniel De Vino, the executive sous chef at the Union New American restaurant in Tampa, said "the specials are going to be a little more upscale than what we're doing, fine touch."

No matter the cost, Valentine's Day celebrations have expanded beyond just romantic couples to include family members, friends, and even pets.

Etiquette expert Diane Gottsman said "who gets a gift is who you feel close to, so it really depends on the relationship. It could be a friend, it could be a neighbor that you're fond of and you know that they're, you know — they don't have anyone."

It's a holiday to celebrate connections, however they're defined.

SEE MORE: Watch out for romance scams as Valentine's Day approaches


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