RAPAPORT… US consumer spending on jewelry will break records this Valentine’s Day, rising 51% year on year, the National Retail Federation (NRF) predicted.
Consumers intend to lay out $6.2 billion on the category, the highest since the NRF began in its survey in 2004, the organization said Monday. Overall spending on gifts for loved ones will increase 10% compared with 2021 for a total of $23.9 billion, it forecast.
“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF CEO Matthew Shay explained. “Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”
More than half of US consumers expect to celebrate the holiday in 2022, with 76% of those stressing it is important to do so given the current state of the pandemic. Of those looking to spend, the average consumer will shell out $175, a 6% increase over last year’s figure, as shoppers intend to spend more on significant others or spouses.
Popular choices for gift-givers include candy, chosen by 56% of respondents, while 40% picked greeting cards and 37% said they would buy flowers. Nearly a third of those surveyed said they would give an evening out, up from 24% a year ago and just shy of pre-pandemic levels, the NRF noted. Some 22% chose jewelry as their number-one purchase for a loved one.
Those on the receiving end overwhelmingly selected a gift of experience, such as tickets to a concert or sporting event, as the present they would most like to get. The figure, which increased to 41% from 36% in 2021, indicates a return to levels seen prior to Covid-19, the NRF said.
The survey found that 41% of all shoppers were set to make their purchases online, while 32% aimed to buy from department stores, 28% from discount shops, and 18% at local small business.
Image: A man giving a Valentine’s Day gift. (Shutterstock)
Valentine’s Day Jewelry Spending to Be Highest Ever
The Bottom Line
- Valentine’s Day jewelry spending in the US is expected to rise 51% year over year, hitting $6.2 billion—the highest since 2004.
- Overall Valentine’s Day gift spending will increase 10% to $23.9 billion, with consumers planning to spend an average of $175 each, up 6% from last year.
- 22% of gift buyers prioritize jewelry, while 41% of shoppers plan to purchase gifts online, reflecting a shift in buying channels.
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