Total spending on jewelry is estimated to be $6.2bn this Valentine’s Day, a record amount up from $4.1bn in 2021.
Total spending on Valentine’s Day is expected to reach $23.9 billion this year, up from $21.8 billion in last year and the second-highest year on record.
The data comes according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
Commenting on the findings, NRF president and CEO Matthew Shay said: “Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022.”
Adding: “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”
According to the survey, shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021.
The increase comes as many intend to spend more on significant others or spouses.
Candy (56 percent), greeting cards (40 percent) and flowers (37 percent) remain the most popular gift items this Valentine’s Day while almost a quarter (22 percent) will opt to gift jewelry to a special someone.
In doing so, online continues to be the most popular shopping destination for Valentine’s Day this year, visited by 41 percent, followed by department stores at 32 percent, discount stores at 28 percent, local small businesses at 18 percent and florists at 17 percent.