Love cost money, it cost tIme, it cost emotions and perhaps even costs value. Even as consumers feel the pinch of rising prices, people across the globe say in unmistakable terms that they are ready to spend even more, as shown during the just-passed Valentine’s Day.
In 2023, consumers spending on Valentine’s Day could well be over $26 billion, an increase of about 8% and the second highest year on record. The United States National Retail Federation and Prosper Insights & Analytics forecast that spending for the February holidays will be among the highest yet.
The study of 7,616 adults revealed that consumers were ready to spend the most money on their loved ones. They also planned to return to their pre-pandemic ways by acknowledging others in their lives.
Gifts for Pets and Friends
One of the Valentine’s Day gift categories that is expanding the quickest is pet-related items. According to the survey, between 2010 and 2020, 27% more individuals bought gifts for their pets. Gifts for pets, friends, and co-workers, along with classmates or teachers, account for more than $14 of the $17 rise in spending per person.
Spending Per Household
Overall household spending may have risen by $18 to $193 from 2022’s $175.
People who didn’t plan to celebrate still did something: They probably looked at non-gifts, treated themselves, or arranged a get-together with single friends and family members.
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