Spending at jewelers this Valetine’s Day is set to fall year on year, while the total spend across the country is expected to reach in excess of $21bn.
The NRF reported that 52% of U.S. adults plan to celebrate Valentine’s Day this year, spending a total of $21.8 billion.
The data comes according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
NRF president and CEO Matthew Shay, said: “There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities.
Adding: “However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations.”
Nearly three-quarters of consumers celebrating Valentine’s Day this year feel it is important to do so given the current state of the pandemic.
It is clear the virus is still front and center, with 74% indicating it will directly impact their plans for the holiday.
Those celebrating can still expect the classic candy, cards and flowers, but there is a significant decline in the number of consumers who will plan for an evening out.
24% of consumers plan to gift their loved one with an evening out, the lowest in the survey’s history.
Because of these altered plans, it is no surprise that spending on Valentine’s Day gifts this year has dropped.
Those celebrating plan to spend an average $164.76, down $32 on average per person, from a record $196.31 in 2020 right before the pandemic hit.
This year, online is the most popular Valentine’s Day shopping destination, visited by 39%, followed by department stores at 29%, discount stores with 28% and local small businesses and specialty stores tied at 17%.
This year is the first time consumers listed small businesses as a top five shopping destination since the question was added to the survey in 2015.