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.
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
Tom’s Guide Editor-in-Chief Mark Spoonauer breaks down Apple & Amazon's latest product drops—what's hot, what's hype, and what really matters for users.
