US consumers are projected to spend a record $6.4 billion on jewelry gifts for Valentine’s Day 2024, outpacing last year’s total by 16.3%, and up an amazing 64.1% compared to 2019, according to a survey just released by the National Retail Federation (NRF) and Prosper Insights & Analytics. Jewelry topped all other categories for the 8th year in a row and is expected to account for 25 cents of every dollar spent on gifts for the holiday.
The jewelry category’s gains come at the same time when overall Valentine gift sales are expected to be flat. Total spending for Cupid’s Day, according the the NRF, is projected to tick down in 2024 from $25.9 billion to $25.8 billion.
The NRF also predicted new spending records for three other categories: “evening out” ($4.9 billion), “clothing” ($3 billion) and flowers ($2.6 billion) categories.
Another important finding is that spending dollars seem to be shifting towards “significant others” and away from “other family members,” “friends,” “children’s classmates/teachers” and “co-workers.”
The value of Valentine’s Day gifts intended for significant others/spouses will see an increase of 5.2% in 2024 ($14.2 billion vs. $13.5 billion). Gift budgets allocated to significant others/spouses is expected to reach an all-time high of $101.84, while overall household spending for Valentine’s Day is expected to be $185.81, down from $192.80 in 2023 and off the $196.31 peak set in 2020.
Exactly 57% of survey respondents intended to give candy in 2024, followed by greeting cards (40%), flowers (39%), an evening out (32%), jewelry (22%), clothing (21%) and gift cards (19%).
More than half of consumers (53%) plan to celebrate Valentine’s Day this year, which is on par with the 52% tallied last year. Sixty-two percent of consumers ages 25-34 plan to celebrate this year, a higher proportion than any other age group.
According to the NRF, among those not celebrating Valentine’s Day, 29% still plan to mark the occasion in some way. Many will treat themselves to something special, while others will plan a get-together or evening out with their single friends or family members.
As the leading authority and voice for the retail industry, NRF provides data on consumer behavior and spending for key periods such as holidays throughout the year. The survey of 8,329 US adult consumers was conducted January 2-8 and has a margin of error of plus or minus 1.1 percentage points.
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