IE Business Daily Business news for the Inland Empire.
Valentine’s Day spending is expected to reach $25.8 billion this year, including $14.2 billion spent on “significant others,” according to the National Retail Federation.
“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” said Matthew Shay, the federation’s president and chief executive officer, in the statement. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”
Fifty-three percent of all U.S. consumers plan to celebrate Valentine’s Day in 2024, essentially unchanged from last year. If the $25.8 billion forecast holds, it will be third-highest level of Valentine’s Day spending by U.S. consumers in the survey’s history.
More than 8,300 adults were surveyed between Jan. 2-8. The survey’s margin of error is plus or minus 1.1 percent, according to the association.
