It's that time of year again: Valentine's Day. If you forgot, head to the corner market first and then come back and check out this infographic.
All signs point to Valentine’s Day 2023 being one of the largest yet, with increases across the board in participation and spending. And the holiday isn’t just for those head-over-heels in love: every year, more consumers are buying Valentine’s gifts for friends, co-workers, and even their pets.
We gathered data from three different surveys to find out how consumers are spending their cash, and who they’re spending their cash on. Let’s dive in.
How much are we spending on Valentine’s Day?
Across the board, Valentine’s Day shoppers aren’t slowing down year over year.
Valentine’s is still a multi-billion dollar holiday, and it’s only getting bigger. In fact, consumers spent over $23 billion total on Valentine’s Day last year1, an increase of almost 2 billion from 2021. 2023 numbers aren’t available for total spend yet, but the average Valentine’s Day participant spent $175.41 in 20221.
Millennials are spending more on Valentine’s Day than other generations. 35 to 44-year-olds spend the most of any cohort, with 25-34 close behind. This makes sense, of course–Millennials have a lot more wealth than they used to, and they make up the largest generation.
Baby Boomers are slowing down on Valentine’s Day. Those aged 65+ spend the least1 of any adult generation. Again, makes perfect sense. Most are retired or retiring, with more limits on their income.
Not every Valentine’s gift is for a significant other. Consumers spend $52 on average3 out of that $175 on Valentine’s gifts for coworkers, friends, classmates and teachers of their children, and pets.
What are Valentine’s Day shoppers buying?
Now that we know how much folks are shelling out this VDay, we can take a look at what they plan on buying for their partners and friends.
Candy is King, and chocolate is the top choice. Candy is still number 1 for most purchased Valentine’s gift. Greeting cards and flowers round out the top three gift choices.1
In fact, not only is chocolate the preferred Valentine’s candy, more chocolate is bought on Valentine’s Day than any other chocolate-buying holiday like Christmas or Easter.2
Jewelry purchases are skyrocketing this Valentine’s Day. In 2022, $6.2 billion was spent on jewelry. That is $2.1 billion more than 20211, meaning a near 33% increase that’s only expected to get larger in 2023.
What are we giving besides physical gifts?
Of course, a present in a tidy little box isn’t the only option for Valentine’s Gifts. It turns out, romantics the world over are choosing to give the gift of an experience more and more.
The classic dinner and a show (and maybe a shopping trip on the side) is still a Valentine’s favorite. 4.3 billion was spent on a night out for Valentine’s Day in 2022, which was a 7% increase from 2021. With fewer Covid restrictions and fears in general, this number should increase in 2023.
This year, experiential gifts are expected to become significantly more popular. In 2023, 32% plan to give their significant other the gift of an experience3. Only 26% said the same thing in 2022’s poll.
Experience is still, of course, one of the most memorable gifts you can give.
The 2023 Valentine’s Consumer in a Nutshell
To sum up, this year’s Valentine’s consumer will be:
- Spending more than last year
- Probably a Millennial or Gen Z
- Buying gifts for more than their romantic partner
- Getting candy, specifically chocolate
- Giving the gift of time and experience nearly as often as a physical present
To learn more about the latest consumer trends, or to work with us on leveraging EQ and IQ to create memorable, timely, and effective brand experiences, reach out to Inspira Marketing today.
