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Ad Matchmaking Potential As Record $14.2 Billion Expected To Be Spent This Valentine’s Day.


Love will not be the only thing in the air this Valentine’s Day. Dollars will also be in motion alongside Cupid.


The National Retail Federation expects Valentine’s Day spending to reach a record $14.2 billion this year. If accurate, that would top the previous record set in 2020 by $100 million. NRF says consumers expect to spend $185.81 each on average, nearly $8 more than the average Valentine’s Day spending over the last five years.


NRF partnered with Prosper Insights & Analytics to forecast where the Valentine’s Day dollars will be flowing, and it offers an outline of where radio sales reps may find clients more willing to spend on advertising to support the holiday. New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion) and an evening out ($4.9 billion).


“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards,” Prosper Insights Executive VP Phil Rist said. Its survey shows top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%). “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year,” Rist said.


The survey asked 8,329 adults about their Valentine’s Day shopping plans. Conducted Jan. 2-8, it has a margin of error of +/-1.1%.


Online continues to be the most popular destination to shop for Valentine’s Day gifts. That is where four in ten people say they will head, up from 35% last year. A third of consumers also plan to visit department stores, while 31% will go to discount stores. Although flowers are a popular gift option, only 17% plan to visit a florist.


Even as Valentine’s Day spending will rise this year, NRF says spending on significant others will remain on par with a year ago with $25.8 billion in spending expected.


Over half of consumers (53%) plan to celebrate Valentine’s Day this year, on par with 52% last year. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, more than any other age group.


Among those not celebrating Valentine’s Day, 29% still plan to mark the occasion in some way based on the survey results. Many will treat themselves to something special, while others will plan a get-together or evening out with their single friends or family members.

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