Valentine’s Day spending in the US is estimated to reach $23.9 billion this year, to mark the second-highest level on record, according to the National Retail Federation (NRF).
The amount is a 9.6% increase from $21.8 billion the previous year, while the record spending came at $27.4 billion in 2020 just before the beginning of the coronavirus pandemic.
US consumers are expected to spend an average of $175.41 per person on gifts on this year’s special day, which is up 6.4% from $164.76 in 2021.
The gain in expenditure comes as many consumers are planning to spend more on their significant others or spouses.
