Feb. 1, 2024 — The National Retail Federation (NRF) predicts a record-breaking Valentine’s Day, as total spending on significant others is expected to reach $14.2 billion.

The NRF shares that, last year, consumers used the holiday to celebrate all the special relationships in their lives, and their spending reflected that. While this trend continues in 2024, consumers are still prioritizing gifts for significant others. 

A recent survey by the NRF and Prosper Insights & Analytics revealed that 53% of consumers plan to celebrate this year, on par with 52% in 2023, spending $25.8 billion overall or $185.81 per consumer—nearly $8 more than the average seen over the last five years.

Top gifts are candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%), and gift cards (19%). New spending records are expected for jewelry ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion), and an evening out ($4.9 billion).

Up from 35% last year, online shopping is the most popular way to shop for Valentine’s Day at 40%, followed by department stores (33%), discount stores (31%), and florists (17%).