U.S. Consumers Planning to Spend $5.8 Billion on Jewelry this Valentine's Day

(IDEX Online) - There should be lots of happy jewelry recipients this Valentine's Day. That's because U.S. consumers say they plan to spend $5.8 billion on jewelry this year. That's according to research from the National Retail Federation and Prosper Insights & Analytics.

Department stores are the most popular Valentine's Day shopping destination, visited by 36 percent. Clothing stores and jewelry shops are tied at 11 percent.

"Valentine's Day is a sentimental tradition, but gift-giving can be driven by the economy," said NRF president and CEO Matthew Shay. 

"Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say 'I love you' this year and to spread the gift-giving beyond just your significant other."

Those celebrating the holiday said they plan to spend an average $196.31, up 21 percent over last year's previous record of $161.96. Spending is expected to total $27.4 billion, up 32 percent from last year's record $20.7 billion.

The unusually large increase in average spending appears to be due to strong consumer finances and a continued trend of consumers buying more gifts, cards, candy and flowers for friends, family, co-workers and pets. 

The increase in total spending comes as the number of people celebrating Valentine's Day returned to 55 percent, about average for the past decade, after a dip to 51 percent last year.

Twenty-seven percent say they will buy Valentine's gifts for their pets, the highest figure in the history of the survey and up from 17 percent in 2010 for a total $1.7 billion.