Score one for love, according to results of a new survey on consumer Valentine’s Day plans.
Results of an annual survey by the National Retail Federation (NRF) and Prosper Insights & Analytics indicate Americans are expected to spend a record amount on Valentine’s Day this year, despite a years-long decrease in the percentage of people celebrating the holiday.
Those surveyed said they would spend an average $161.96. That’s up 13% from last year’s $143.56 and tops the previous record of $146.84 set in 2016. Total spending is expected to be $20.7 billion, which is an increase of 6% over last year’s $19.6 billion and breaks the previous record of $19.7 billion, also set in 2016.
These anticipated spending increases come even though only 51% of Americans plan to celebrate the holiday, down from 55% last year and a high of 63% in 2007. The NRF says it is unclear why the number of consumers celebrating has trended downward over the past 12 years, but spending, while varying with the economy, has generally trended up. The lowest spending during the period was $102.50 in 2009 during the Great Recession.