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.
The U.S. economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and frustrating price levels.
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