Love is in the air this time of year and Americans are planning to show they care with a record amount of spending. The National Retail Federation expects people to spend $27.4 billion this Valentine's Day, up more than 30 percent from last year's record of $20.7 billion.
"Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year," NRF President and CEO Matthew Shay said in a statement.
"The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say 'I love you' this year and to spread the gift-giving beyond just your significant other."
Spend they will, and not just a little. Those celebrating the holiday said they plan to spend, on average, nearly $200, up from last year's average of $161.96, with more than half of it going to spouses and significant others.
Ten years ago, 61 percent of spending went to romantic partners on Valentine's Day, down to only 52 percent this year.
What hasn't changed is how much men spend versus women. This year, like every year since NRF began surveying shoppers 10 years ago, men will outspend women. $291.15 to $106.22.
Pets are also feeling the love this year. "We've always heard of puppy love, but pets are definitely seeing a larger share of Valentine's Day spending," Prosper Insights Executive Vice President Phil Rist said.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
