Valentine’s Day Jewelry Spending to Hit New Record

US shoppers will spend $6.4 billion on jewelry this Valentine’s Day, setting a new record for the segment, the National Retail Federation (NRF) predicted.

That will make it the biggest category for consumer spending by value, ahead of flowers, clothing and an evening out, the NRF said Monday. That figure is 16% higher than the $5.5 billion consumers were set to spend on jewelry for the holiday a year ago.

Overall outlay on gifts for loved ones will come to $25.8 billion, the NRF projected — on par with the estimate it released ahead of Valentine’s Day last year, and the third-highest figure since the NRF and Prosper Analytics began conducting their annual survey in 2004.

“Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” said NRF CEO Matthew Shay. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”

More than half of US consumers said they would celebrate the holiday in 2024, the NRF noted. Of those looking to spend, the average consumer will shell out $186, a 4% decrease from last year, but nearly $8 more than the average that people have spent on Valentine’s Day over the last five years. The slight decrease in spending is attributable to the fact that while last year consumers bought gifts for all the special relationships in their lives, including friends, pets and coworkers, this year they planned to prioritize significant others, the NRF explained. The federation forecasts that total spending on partners would reach a record $14.2 billion this year.

Popular choices for gift givers include candy, chosen by 57% of respondents, while 40% picked greeting cards and 39% said they would buy flowers. Nearly a third of those surveyed said they would spend on an evening out, while some 22% opted for jewelry as their number-one purchase for a loved one. Meanwhile, 21% intended to purchase clothing, and 19% selected gifted cards.

The survey found that 40% of all shoppers were set to make their purchases online — up from 35% a year ago — while 33% aimed to buy from department stores, 31% from discount shops, and 17% at florists.

“While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics — candy and greeting cards,” said Phil Rist, executive vice president of strategy for Prosper. “We’re also seeing continued interest in gifts of experience.”