Total spending is expected to reach $18.2 billion this year — down from $19.7 billion in 2016 (which is the record high).
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay said in a Feb. 1 news release. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Valentine's Day spending grew for a full decade up until last year, the NRF said. This year, most people will spend $85.21 on their spouse of significant other, $26.59 on other family members such as children or parents, and $6.56 on children's classmates. An average of $4.44 will be spent on pets.