NRF: Valentine's Day spending in North America will change due to the epidemic

The trade group surveyed 7,882 adult consumers from January 4 to 12 and found that people celebrating Valentine's Day planned to spend an average of $164.76, $32 less per person than the average spending of $196.31 per person in 2020 before the pandemic .

NRF data shows that the epidemic is the main factor affecting consumer spending , with 74% of consumers believing that the epidemic will directly affect their holiday plans. Online platforms are the most popular Valentine's Day shopping venues , accounting for 39% of platform visits , followed by department stores (29%) , discount stores ( 28%), and local small businesses and specialty stores (17%).

“Total and average spend remain near all-time highs this year,” said Phil Rist, executive vice president of strategy at Prosper Insights.

Only 24% of consumers plan to give gifts to loved ones on a night out, the lowest in the survey’s history. However, 41% say they will plan a special dinner or celebration at their own home. When it comes to gifts, most consumers will spend money on candy ( 54%), cards (44%), and flowers (36%) .

Just over half ( 52%) of U.S. adults plan to celebrate Valentine’s Day this year, with total spending of $21.8 billion, according to a survey by the National Retail Federation ( NRF) and Prosper Insights & Analytics. The holiday may be a form of release for pent-up consumers: Nearly three-quarters ( 73%) of consumers who celebrate Valentine’s Day this year believe it’s necessary given the current state of the pandemic .

Not only has spending on lovers decreased, but social isolation policies have also led to an average decrease of $13 in other important favors , which account for the largest proportion of consumer spending this year . Among favors, spending on teachers has dropped from $14.45 in 2020 to $10.77 this year, while spending on colleagues will drop from $12.96 to $8.47 .

“There’s no doubt that the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” NRF President and CEO Matthew Shay said in the statement. “However, the period around Valentine’s Day still holds special significance, and consumers are committed to celebrating with friends and loved ones during the holiday , even if that means having to modify those traditional holiday celebrations. ”

NRF

epidemic

North America

Valentine's Day