The National Retail Federation's (NRF) annual survey just announced that US American's are on track to spend $19.6 billion on Valentine's Day this year, up from $18.2B in 2017 and we may even beat the 2016 record of $19.7B. Hey, big spenders, indeed.
More than half of that spending is going to gift candy (55%) but the big gift gap this year revolves around the gift of experiences. Only about a quarter of respondents overall said they are giving experiential gifts this year while 42.3% say that's what they want to receive. Among the 18-24-year-old set, those numbers jump to 40% and 60% respectively. In terms of total dollars, the NRF tells us the big spend will be on jewelry, $4.7B! Three out of ten say they aren't observing Valentine's in a traditional way but are still celebrating with presents and "anti-Valentine's" gifts. How about matching his and hers skull shirts?
This matches what we're seeing at AtmosFX. In our "Tainted Love Sale" (going thru 2/14) the Wicked Romances and Fatal Attractions limited edition bundles are outselling the more traditional My Valentine by almost two-to-one! There's still time for those who are looking for a softer holiday but it's interesting to see how modern takes on traditional classics are taking hold.
Where does all this place Valentine's Day in terms of prioritizing holidays with our dollars? Well, US Americans spent 15.3B on the Super Bowl, and about $5.3B on last year's St. Patrick's Day so romantics, you rank right up there with wearing a "Kiss Me I'm Irish Shirt" at the big game. Valentine's Day is no Christmas but it's the best retailers can expect until Easter.
Happy Valentine's Day!
