A recent survey by the US National Retail Federation (NRF) has highlighted that Americans are expected to spend a record amount on this year’s Valentine’s day. And the possible reasons are strong consumer finances and the increasing trend of consumers to buy gifts, flowers, and cards for their loved ones. As per the survey, there will an increase of 21% from the last year’s average spending ($161.96) and it will take the total value to $196.31.
NRF president Matthew Shay shared that Valentine’s Day enjoys a special place in every person’s life. The rise in the employment numbers and the increment in wages are expected to contribute to increasing the sale of different departmental stores operating in the offline or online mode. The total spend on Valentine’s Day gift is expected to reach a total of $27.4 billion with a jump of 32 percent from the last year’s $20.7 billion.
It has become evident from the survey that most of the share of Valentine’s Day spending will be contributed by spouses and will stand at $101.21 with an increase from $93.24 in 2019. Most of the consumers have admitted that they will spend approximately $30.19 on family members excluding spouses, $14.69 on friends, $14.45 on children’s classmates and teachers, $12.96 on co-workers, $12.21 on pets, and an average amount of $10.60 on other categories of people.
Out of all the gift items, the sale of flowers is expected to increase the most. Consumers have already started placing an order on Hong Kong’s best florist online service to send their gifts to their loved ones in time. Florist stores are expected to witness a shopping percent of 17% and there will be a record shopping for pets on this year’s Valentine’s. There will be a 4.1 percent hike in the holiday sales in 2019 and it is double to that of 2018 holiday sales.