Every year we spend more on Valentine's Day, even though we celebrate it less. How is that possible?

This year, spending on Valentine’s Day will reach a record $29.1 billion, according to a February report from the National Retail Federation (NRF). Despite economic uncertainty and confusion over fees, consumers are prioritizing their spending to celebrate this date, which contrasts with trends from the last holiday period.

Love has a price

Although participation in the festivities has decreased from 63% in 2007 to 55% in 2023, total spending has increased an impressive 72.2% in the same period. Katherine Cullen, vice president of insights at the NRF, notes that those who celebrate Valentine’s Day do so beyond romantic relationships, extending the celebrations to a wider circle of family and friends.

Among the products that are trending this year, there is a significant increase in the purchase of jewelry, especially among higher-income households. Additionally, attention is being directed towards experiences and gifts such as clothing, following a trend where physical stores seek to attract consumers by creating interactive experiences.

The spending phenomenon has also affected pets, with consumers expected to spend 2.1 billion dollars on their animals during this holiday. This trend reflects a strong emotional connection with pets, underscored by the nostalgia that younger consumers feel for celebrating these dates, even if they are single.

Generations like Millennials and Gen Z have shown a renewed interest in commemorating special moments, driven in part by the COVID-19 pandemic. “Since the onset of COVID-19, there has been a notable increase in the interest in enjoying moments of celebration and well-being”, Cullen commented. With a constant adaptation to economic challenges, consumers continue to seek to create moments of joy in their lives.