Valentine's Day Spending Breaks New Record
WASHINGTON, D.C. — Consumers are leading with their hearts this Valentine's Day, and are expected to spend a record $27.5 billion this year, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics.
The amount is up from last year's $25.8 billion and slightly above the previous record of $27.4 billion set in 2020. Shoppers plan to spend $188.81 on average on the holiday, up from $185.81 in 2024.
"Whether they are celebrating a significant other or someone else in their lives, Valentine's Day is meaningful for many people," said NRF Vice President of Industry and Consumer Insights Katherine Cullen. "Consumers are looking for special ways to treat their loved ones and can expect retailers to provide the best gift options and deals."
More than half (56%) of consumers plan to celebrate Valentine's Day this year, up from 53% in 2024. Men are more likely to celebrate the holiday this year with 55% saying they plan to participate in the holiday, up from 51% in 2024.
The most popular gift categories this year are candy (56%), flowers (40%), greeting cards (40%), an evening out (35%) and jewelry (22%). Across these categories, Americans plan to spend a total of $6.5 billion on jewelry, $5.4 billion on an evening out, $2.9 billion on flowers, $2.5 billion on candy and $1.4 billion on greeting cards.
Consumers continue to prioritize gifting for those closest to them. Total spending on significant others is expected to reach a new record of $14.6 billion, up from last year's record of $14.2 billion. Total spending on gifts for family members is projected to reach $4.3 billion, up from $4 billion in 2024 and in line with 2020's record of $4.2 billion.
One-third (32%) of consumers also plan to purchase gifts for friends this Valentine's Day, up from 28% last year and the highest in the survey's history. Another 19% expect to purchase gifts for coworkers, up from 16% in 2024 and another record. On par with last year, 32% also plan to purchase gifts for their pets.
"Consumers plan to celebrate Valentine's Day through a variety of ways to show appreciation and love for the many different people around them," said Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist. "Purchasing gifts for those outside of significant others or family members continues to rise in popularity and reflects consumers' growing interest in celebrating all the meaningful relationships in their lives."
In line with 2024, the top shopping destination remains online (38%), followed by department stores (34%), discount stores (29%), and florists and specialty stores (tied at 18%).
For those not planning to celebrate the holiday, 28% still plan to mark the occasion in some way. The most popular ways include treating themselves to something special, followed by planning a get-together or an evening out with other single friends and family.
NRF and Prosper Analytics annual Valentine's Day survey polled 8,020 adult consumers about their holiday shopping plans. It was conducted Jan. 2-7.
Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology and retail industries.
Headquartered in Washington, D.C., NRF advocates for the people, brands, policies and ideas that help retail succeed.
Swipe Fees Bump Up the Price
Consumers may be willing to spend on gifts this Valentine's Day, but their wallets may feel pressure. According to the Merchants Payments Coalition (MPC), rising swipe fees banks charge merchants to process credit and debit card transactions could cost consumers well over $600 million in higher prices for Valentine's Day this year.
"Valentine's Day is one of the most popular holidays for loved ones to enjoy a fancy meal out on the town or a romantic meal at home, but swipe fees drive up the cost of everything for couples celebrating this special day," said MPC Executive Committee Member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett. "Giant Wall Street banks shouldn't force you to take them along as an awkward third wheel in your special moments. They are making record profits by charging these huge hidden fees. It’s not fair and it's time for Congress to pass the Credit Card Competition Act."
Based on the average 2.26% rate for Visa and Mastercard, that would include an average $4.27 in swipe fees — as much as a typical Valentine’s greeting card or two or three pieces of chocolate from a mid-range gift box — and would add up to $621.5 million if all purchases were made with credit cards. With swipe fees constantly rising, that's up from $577.9 million last year, MPC reported.
By category, swipe fees could account for:
- $146.9 million of the $6.5 billion consumers are expected to spend on jewelry
- $122 million of $5.4 billion spent on evenings out
- $65.5 million of $2.9 billion spent on flowers
- $56.5 million of $2.5 billion spent on candy
- $31.6 million of $1.4 billion spent on greeting cards
Swipe fees are charged to merchants to process transactions and average between 2% and 4% of each credit card purchase, costing merchants between $2 and $4 out of every $100 spent on credit cards. Credit and debit card swipe fees have soared more than 50% since the COVID-19 pandemic and reached a record $172 billion nationwide in 2023. They are most merchants' highest operating cost after labor and too much to absorb, driving up consumer prices by more than $1,1,00 a year for the average family, MPC said.
Headquartered in Washington, D.C., Merchants Payments Coalition represents retailers, supermarkets, convenience stores, gasoline stations, online merchants and others fighting for a more competitive and transparent card system that is fair to consumers and merchants.