After a down year in 2019, love is in the air in 2020. That's right; after a decade-low 51% of Americans celebrated the holiday last year, 55% are planning to do so in 2020. With that increase in participation will come a major increase in spending, too, with Americans set to spend $27.4 billion in total. Here, we take a look a who people are spending on, what they're buying, and where they're buying it.
Here are three things you need to know about consumers' plans for Valentine's Day this year:
Spending Reaches All-Time High
Consumers plan to spend an average of $196.3, a 21% increase from last year's $161.96 per person. Total spending of $27.4 billion is a 32% increase from last year's all-time high.
- 2017: $18.2 billion
- 2018: $19.6 billion
- 2019: $20.7 billion
- 2020: $27.4 billion
Lovers and Friends
While significant others still account for the majority of purchases, Americans are buying gifts for family, friends, coworkers, and even pets.
- Significant Other or Spouse: 51.5%
- Other Family Members: 15.3%
- Friends: 7.7%
- Child's Classmates or Teachers: 7.3%
- Coworkers: 6.6%
- Pets: 6.2%
- Other: 5.5%
Candy and Cards Reign Supreme
Candy, cards, and flowers remain the most popular items to spend on.
- Candy: 52%
- Cards: 43%
- Flowers: 37%
- Evening Out: 34%
- Jewelry: 21%
- Clothing: 20%
- Gift Cards: 19%
Did you know? Forty-one percent of consumers say they'd like a gift of experience such as event tickets.
Is your brand looking to connect with consumers for Valentine's Day or ahead of another holiday? Contact us today to learn how our suite of experiential-led services can help you build brand awareness, encourage trial, and earn lifelong loyalists.
