Love is in the air as consumers head to the stores to spend hundreds of dollars on items that are cheaper on most days. Even if you are alone this Valentine’s Day, you still have an admirer, the big box stores.
According to Forbes, in 2016 sales for the holiday broke records with a reported $19.7 billion with most of the spending coming from men who are estimated to spend on average $133 compared to women at $62. This doesn’t include pets as owners spend an average of $26.
Single people spend around $1.8 billion for the holiday on gifts for either themselves, friends, and/or family. In total, making the holiday worth $20 billion a year.
The amount of spending various by age. Consumers in 2016 ages 25 – 34 spent more on their loved ones with $234 followed by ages 35-44 with $187 and 18-24 with $148. Couples over the age of 44 spend less on Valentine’s Day with a low of $98.
Wonderlust.com listed Valentine’s Day as the fifth most celebrated holiday in the world and the second highest card giving holiday next to Christmas. This year, expected gifts outside of the traditional flowers and candy include clothes and gift cards for women, and smart watches and grooming kits for men.
The National Retail Federation recorded 2016 spending on the holiday the highest in 13 years.