Valentine's Day Celebrants Spend More in 2019
Shoppers Feeling the Love This Valentine's Day
In 2019, Valentine's Day shoppers will set new spending records. They will add $20.7 billion to the economy, according to the National Retail Federation. That's more than the $19.2 billion spent in 2018. This gives a huge boost to retailers who cater to this market. It also points to rising consumer confidence.
Spending in 2019 also beats the previous record of $19.7 billion set in 2016. That's good news for the economy.
For historical comparison, 2019 spending is also more than these prior years: $18.2 billion in 2017, $18.9 billion in 2015, $18.6 billion in 2013 and $17.4 billion in 2014.
Who's Doing the Spending
Only 51 percent of the population plan to celebrate Valentines' Day, the lowest since at least 2009. The previous low was 55 percent in 2018. The record high was 63 percent in 2007.
One reason could be national demographics. The proportion of older people continues to rise, but they are less likely to celebrate the holiday. Younger people, who still try to impress potential mates, participate more than older, more settled folks. Fifty-two percent of those between the ages of 25 and 34 will celebrate the holiday, according to the NRF. Anoter 53 percent of those between 18 and 24 years old will do so.
But only 47 percent of those over 55 will celebrate.
Fortunately, celebrants are spending a record amount of $161.96 per person. That beats the 2016 record of $146.84. It's also 13 percent more than the $143.56 spent in 2018. Consumers spent $136.57 in 2017, $142.31 in 2015, and $133.91 in 2014. The lowest spending was $102.50 in 2009.
As usual, men spend nearly twice as much as women: $229.54 per guy versus $97.77 per gal. Men's spending is up 20 percent while women's spending is down 1 percent.
One reason for the gender gap is income. In 2018. those making $50,000 a year or more spent $169.32 each, versus $109.14 per person making less than $50,000.
Top 5 Valentine's Day Purchases
More people shop for less expensive gifts, proving the adage that it's the thought that counts. Here are the top five gifts, the percentages of who busy them, and how much they spend in total.
Least Popular Gifts
The least favorite gifts are also the least romantic. Only 18 percent buy clothing, spending $2.1 billion. Just 15 percent buy gift cards, paying $1.3 billion.
Gifts for Pets
More than a third of Millennials have pets, more than any other age group. They especially love to splurge on their pets on holidays. On Valentine's Day, those ages 25 to 34 were expected to spend $12.70 each. That's three times more than those ages 35 to 44, who tend to spend just $4.08. People ages 65 or older spend the least ($1.44) on their animal companions.
Where They Shop
More shoppers visit department stores (35 percent) than discount stores (32 percent). Online shopping has captured more consumers, with 27 percent using Amazon and the like. But 18 percent still go to specialty stores, and 16 percent stop by the florist's shop. Retailers stock the shelves with deals in anticipation of value-conscious shoppers.
Mobile Device Use Is on the Upswing
Just like Black Friday and Cyber Monday, shoppers use their mobile devices to share their love on the go. Over half of smartphone owners use them to purchase their gifts. More than a third use them to research products, prices, and retailer information. They also redeem coupons and purchase products with their device.
What the Other Half Does
Almost half of the population aren't celebrating Valentine's Day in the traditional sense.
But about one-third of them are doing something. For example, 11 percent are giving themselves some love by buying something special. Nine percent are getting together with family or friends. In 2018, 4 percent rebelled against the holiday by purchasing an "anti" Valentine's Day gift.