February is quickly becoming a big month for retailers. There’s the Super Bowl, of course, which generates plenty of retail sales. But how about Valentine’s Day?
According to statistics gathered by GiftWrapper, U.S. consumers are expected to spend up to $25.9 billion on Valentine’s Day this year. This would beat last year’s total of $23.9 billion, but would fall behind the $27.4 billion that U.S. shoppers spent in 2020.
In 2022, shoppers spent an average of $175.41 on Valentine’s Day gifts, according to GiftWrapper.
What are consumers buying? According to GiftWrapper, 56% of men prefer to buy flowers, while 52% choose candy. A total of 59% of women said that they typically buy candy, while 43% say they purchase greeting cards.
And in bad news? GiftWrapper reported that 43 million Americans claim they have received unwanted gifts on Valentine’s Day. That comes out to $9.5 billion spent on unwanted gifts.
Where do people search for their Valentine’s Day gifts? GiftWrapper reported that 41% of shoppers hunted for the perfect gift online, while 29% search department stores. A total of 28% look for the right gift in discount stores, while 18% percent shop at local small businesses.
GiftWrapper found its Valentine’s Day statistics from sources including the National Retail Federation, WalletHub, The World Bank Group and Google Trends.
