A new survey by the National Retail Federation reveals that consumer spending on Valentine’s Day is expected to reach a record $29.1 billion this year. That’s up from $27.5 billion last year. Other findings:
- the average person plans to spend a record $199.78 on gifts. That’s up from $188.81 last year
- 55% of consumers plan to celebrate Valentine’s Day this year, with 83% planning to purchase gifts for their significant other
- a record 35% of consumers plan to buy Valentine's Day gifts for their pets