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New York, NY--As Valentine's Day approaches, the love bug has bitten consumers, with spending projections expected to reach $25.9 billion, a rise of 8.36% from last year.

[Photo by Natalie Bond]

According to a report, National Retail Federation (NRF) President and CEO, Matthew Shay, said that retailers are ready this year to assist customers in "celebrating the holiday with meaningful gifts at accessible prices."

However, these spending projections don't account for inflation which has caused prices for flowers, candy, jewelry, and restaurant experiences to soar higher than in recent years. The report, citing the National Restaurant Association, noted that a dozen roses can range from $30 to $69, candy prices are up 10%, and restaurant food prices have risen by 8.3% YoY.

This Valentine's Day, consumers are expected to spend an average of $192.80, a 9.92% increase from last year, due partly to higher prices. Although the average spending is up, the NRF reports that only 52% of consumers plan to celebrate the holiday, a decrease from 53% in the previous year.

According to the survey, 57% of consumers plan to buy candy, while 40% will opt for greeting cards. Floral shops will see a boost in sales, with 37% of consumers planning to spend $4.4 billion on flowers. One in three people intend to go out for the evening, with total spending of $5.5 billion, and 21% plan to buy jewelry as a gift. Additionally, one in five consumers said they plan to purchase gift cards or clothing for their loved ones.

"Men, in particular, are more likely to give a gift of experience compared with last year," said Prosper Executive Vice President of Strategy Phil Rist, according to the report. "Another notable finding is that more than half of consumers say they will take advantage of sales and promotions as they celebrate Valentine's Day this year."

Learn more in this report.