2024 Valentine’s Day spending on significant others expected to hit record

It’s Valentine’s Day, Feb. 14. While The Beatles famously sang, “Money can’t buy me love,” that won’t stop many from spending on their loved ones today. According to The National Retail Federation, people are expected to spend a record $14.2 billion on Valentine’s Day in 2024 on their significant others, which equates to an average of $101.84 per person.

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Meanwhile, total spending for Valentine’s Day, including those not spending on partners or significant others, is expected to hit $25.8 billion, or an average of $185.81 per person, coming in just below 2023 spending at $25.9 billion. Still, the holiday’s record for total spending holds at $27.4 billion in 2020. Consumers between the ages of 35 and 44 are expected to spend the most on their significant other and on their pets.

“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” National Retail Federation President and CEO Matthew Shay said. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”

The top gift of choice? Candy, followed by greeting cards, flowers, and an evening out. Over half of Americans said they plan to celebrate Valentine’s Day in 2024, while about a third of those who aren’t still said they want to mark the occasion by either getting together with single friends or treating themselves to something special.