Sales Strategy

NRF: Americans To Spend More On Valentine’s Day Jewelry Than Ever Before February 02, 2022 (0 comments)

Washington, DC— Almost a quarter (22%) of U.S. shoppers will gift jewelry to a special someone for Valentine’s Day this year. The annual survey released Tuesday by the National Retail Federation and Prosper Insights & Analytics says total spending on jewelry is estimated to be $6.2 billion, up from $4.1 billion in 2021, and the highest in the survey’s history. Although the 22% of Americans planning to gift jewelry for Valentine’s Day 2022 is only one point higher than 2020 (a month before the WHO declared COVID-19 to be a pandemic), the expected jump in spending suggests higher-ticket sales for the holiday. 2021 figures, meanwhile, showed a dip in both jewelry purchase intent and actual monies spent.

Valentine’s Day spending overall is expected to reach $23.9 billion this year, up from $21.8 billion in 2021 and the second-highest year on record, according to the survey.  

“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF president and CEO Matthew Shay said. “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.” 

More than half (53%) of U.S. consumers plan to celebrate the holiday in 2022, edging up from 52% in 2021. More than three-quarters (76%) of those celebrating indicate it is important to do so given the current state of the pandemic. 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.  

The most popular gifts for Valentine’s Day remain candy (56% of respondents will give it), greeting cards (40%) and flowers (37%). Nearly a third (31%) of respondents plan to gift an “evening out” this year, up from 24% in 2021 and just slightly below pre-pandemic levels, for a total of $4.3 billion. 

Demand for gifts of experience, such as tickets to a concert or sporting event, has also returned to pre-pandemic levels, with 41% saying they would “love to receive a gift of experience,” up from 36% last year.  

“While traditional Valentine’s Day gifts like candy and flowers seem to never go out of style, gift givers and recipients alike are more comfortable heading out for a special meal or participating in a new experience than they were a year ago,” Prosper Insights Executive vice president of strategy Phil Rist said. “This is especially true among younger age groups.”  

Online continues to be the most popular shopping destination for Valentine’s Day this year, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18% and florists at 17%.  

The survey of 7,728 U.S. adult consumers was conducted Jan. 3-11 and has a margin of error of plus or minus 1.1 percentage points.