BBI Analysis of the NRF’s 2023 Valentine’s Consumer Trends
Valentine’s Day is fast approaching, so here are the consumer trends that the National Retail Federation (NRF) wants you to know.
Increased on Spend
According to their annual survey, consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022. This will be one of the highest spending years on record. As consumers embrace spending on friends and loved ones, retailers should be ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices. More than half (52%) of consumers plan to celebrate and will spend an average of $192.80. This is up from $175.41 in 2022.
Online Shopping is still killing it.
Similar to recent years, the top shopping destination to purchase Valentine’s Day gifts is online (35%), closely followed by department stores (34%), discount stores (31%), and specialty stores (18%).
Candy for the win.
The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%), and clothing (19%).
Sales and Promotions.
Over half of the consumers say they will take advantage of sales and promotions as they celebrate Valentine’s Day in 2023. Even among those who don’t plan to celebrate Valentine’s Day, 28% will still mark the occasion in some way, seeking non-Valentine’s gifts, treating themselves to something special, or planning a get-together or evening out with single friends and family members.
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies, and ideas that help retail succeed. As the leading authority and voice for the retail industry, NRF conducted the 2023 Valentines survey of 7,616 U.S. adult consumers from Jan. 3 through Jan. 11. The survey has a margin of error of plus or minus 1.1 percentage points.