Average cost of Valentine’s day: 2023 statistics

Whether you’re excited for the chance to treat your partner with a luxurious date this Valentine’s Day, or just excited to treat yourself to discount chocolate the day after, you may be wondering about how you can celebrate Valentine’s Day this year while making it work within your budget.

Americans in total are expected to spend $25.9 billion on Valentine’s Day in 2023, according to the National Retail Federation (NRF) and Prosper Insights & Analytics, one of the highest spending years since the NRF began tracking Valentine’s Day in 2004.

Here’s how much people are planning on spending this Valentine’s Day.

Key Valentine’s Day spending statistics

• Consumers celebrating Valentine’s Day in 2023 are expected to spend an average of $192.80. They spent an average of $175.41 on Valentine’s Day in 2022. (NRF)

• Consumers in 2023 expect to spend an average of $14 more than last year on pets, friends, coworkers or their childrens’ classmates or teachers. (NRF)

• Consumers ages 35 to 44 plan to spend an average of $335.71 in 2023 — the most of any age demographic. (NRF)

• 57% of Valentine’s Day shoppers expect to buy candy, making it the most popular gift category in 2023. (NRF)

Valentine’s Day spending snapshot: What to expect in 2023

People plan to spend an average of $192.80 on Valentine’s Day 2023, almost 10 percent more than the $175.41 they had planned to spend in 2022, according to the NRF. In total, people expect to spend $130.75 of their Valentine’s Day budget on significant others and family, nearly identical to last year’s figure of $130.80.

Aside from spending on a partner or family member, people expect to spend $52.65 on friends, pets, co-workers and their childrens’ teachers or classmates, 37 percent higher than the $38.36 they planned to spend in 2022.

This follows a trend of Valentine’s Day spending that has increased steadily since an initial decrease in 2021, according to the NRF. Valentine’s Day spending was expected to reach an all-time record of $27.4 billion Only a month prior to COVID-19’s arrival in the U.S., 2020 was already here

Valentine’s Day spending has generally climbed since the last major U.S. economic downturn, the Great Recession in 2008, led to reduced consumer spending. Consumers were only expected to spend $14.7 billion on Valentine’s Day in 2009, according to the NRF.

Higher Valentine’s Day spending in 2023 comes as two-thirds of surveyed U.S. economists (64 percent) told Bankrate they believe the country will enter a recession This year. Despite economic uncertainty and rising inflation, the consumer is also affected by this year’s increase in inflation. still spending money, Often, small indulgences.

Despite an increase in spending, the number of people who celebrate the holiday has declined over the years. Slightly more than half, or 52 percent, of consumers plan on celebrating Valentine’s Day this year, the NRF says, nearly the same as last year’s 53 percent. But that’s down from when 63 percent of people said they would celebrate in 2007.

Valentine’s Day gifts traditionally revolve around candy, flowers and jewelry, and 2023 is no different, with NRF respondents saying they plan to buy almost the same gifts as last year. Spending money on an experience is the exception, with 32 percent saying they will, in 2023, as opposed to 26 percent for 2022. Here are which classic Valentine’s Day gifts people are planning on buying.

Source: NRF

Valentine’s Day spending by gender

Jewelry is a traditional Valentine’s Day gift, but more women are expected to buy jewelry themselves this year. Up from 10% in 2022, 14% of women will buy jewelry this year. They’re planning on spending an average of $24 in 2023, double the $12 they expected to spend in 2022.

However, men are still more likely to spend more on jewelry. According to the NRF (30%) of men intend on purchasing jewelry in 2018, spending an average $75.

Valentine’s Day spending by giftee

Valentine’s Day celebrates love, but more people this year are expanding who they give gifts to beyond just significant others. Here’s who people plan on giving gifts to this Valentine’s Day:

Source: NRF

Most people (87 percent) still plan on giving a gift to their significant other or spouse this Valentine’s Day. But more people than ever are planning on giving Valentine’s Day gifts to their non-human loved ones; nearly a third (32 percent) of people plan to give gifts to their pets this year, up from 28 percent in 2022.

Source: NRF

The largest bulk of household Valentine’s Day spending is still going to significant others or spouses. Households are expected to spend an average of $100.25 on significant others or spouses, over three times as much as their other family members, who they’re expected to spend an average of $30.51 on.

Average cost of Valentine’s Day in 2023: Inflation’s impact on spending

Inflation has impacted most shopping categories for months, and the food, entertainment and travel around Valentine’s Day is no exception. This is how prices for Valentine’s Day gifts and experiences have risen over the past year:

Year-over-year Valentine’s Day gift costs

Source: Consumer Price Index, U.S. Bureau of Labor Statistics, February 2023
Note: *Referred to in CPI data as “Full service meals and snacks”

Like the winter holidays, those planning on traveling this Valentine’s Day will likely see that airline prices have risen the most out of any Valentine’s Day gift category. According to January 2023 data, airline fares have increased by 25.6 percent over January 2022. This is according to the Consumer Price Index. In 2022, Valentine’s Day weekend prices were around $252 for a round-trip domestic flight, according to Hopper.

According to the CPI, hotel and motel prices increased by 8.5 percent annually in January. Prices were an average of $179 per night over Valentine’s Day weekend in 2022, according to Hopper. It was 7 per cent more expensive than other weekends in February 2022.

The prices of gift wrap and stationery, which are not travel-related, have increased significantly. Gift wrap is 16.2 percent more expensive than a year before — the second-largest price hike for Valentine’s Day goods in data analyzed by Bankrate.

According to CPI, candy has experienced the third-largest price increase, with 12.2 percent rising since January 2022.

How consumers are shopping for Valentine’s Day

Though most shoppers will purchase their gifts and other goods online this Valentine’s Day, many are still shopping in person, including at local businesses and florists.

Here’s where people are shopping for Valentine’s Day:

Source: NRF

Valentine’s spending budgeting tips

In 2023, budgets could be tight and not everyone has the funds to go on vacations. In January, Bankrate reported that only 43 percent of Americans would use their savings to cover an unexpected $1,000 expense. Here are a few ways to celebrate with your loved ones this Valentine’s Day while sticking to a budget.

• Take advantage of what’s at home or nearby. It is not uncommon for a couple to spend too much on fine dining. You can cook a lavish meal at home and still have a personal, low-budget night in. If you’re a student with a budget, try free entertainment nearby like on-campus activities around Valentine’s Day.

• Look at non-traditional gifts. Think about lower-budget gifts that match your partner’s taste, even if it’s not traditional for Valentine’s Day. Instead of roses, consider getting a bouquet of your partner’s favorite flowers or a potted plant. Make your own chocolate treats, instead of buying a chocolate box.

• Make a budget. Look at your monthly expenses and available funds to decide how you want to allocate funds for a Valentine’s Day date. This budget will allow you to enjoy the holiday without feeling pressured or pressured to spend more.