Americans to Spend a Record $6.2B on Jewelry Gifts for Valentine’s Day
Americans are set to spend a record $6.2 billion on jewelry gifts for Valentine's Day, an amazing increase of 51.2% compared to 2021 and the highest tally ever, according to a survey just released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
The NRF stats reveal that Valentine shoppers will be spending more on jewelry than any other type of gift. Jewelry will account for more than a quarter of all Valentine’s Day spending, which is estimated to reach $23.9 billion this year. The jewelry category's 25.9% chunk of the spending pie is far higher than it was in 2021, when it accounted for 18.8%.
“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 US consumers plan to celebrate Valentine's Day in 2022, 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.
Nearly a quarter (22%) of respondents said they will gift a jewelry item to a special someone, while 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.
Other popular, but less expensive, Valentine gifts include candy (to be given by 56%), greeting cards (40%) and flowers (37%). 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.
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.
Credits: Image by BigStockPhoto.com. Charts courtesy of the National Retail Federation.