NRF: Valentine's Day spend to rise in 2023, online is top destination

Consumers are planning to up spending for Valentine’s Day 2023. Ecommerce is expected to be the top shopping destination, even as there will be a big uptick in people gifting experiences.

Here are key findings from the National Retail Federation and Prosper Insights & Analytics on Valentine’s Day 2023 expectations, conducted Jan. 3-11 with a survey of 7,616 U.S. adult consumers:

U.S. Valentine’s Day spending is expected to reach $25.9 billion, up from $23.9 billion in 2022.

Online will be the top destination, with 35% of shoppers planning to buy through ecommerce. This is followed by department stores (34%), discount stores (31%) and specialty stores (18%).

About half of consumers plan to participate in Valentine’s Day, while half will also seek out discounts or promotions.

Average spend will be $192.80, up from $175.41 in 2022.

Key insights:

It’s not just romantic. Gifts for pets, coworkers, friends and classmates or teachers will account for $14 of the $17 per-person increase.

Many more people plan to go out. About one-third of consumers are planning to give the gift of experience, up from 26% last year and the highest since the survey began in 2017. Men, in particular are more likely to give the gift of experience.

Top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%).

Key quote from NRF CEO Matthew Shay: “Valentine’s Day is a special occasion to shop for the people we care most about. This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices.”

The bottom line: Many of the fundamentals from the holiday season are holding up during Valentine’s Day. People are seeking discounts and returning to experiences. But they are still turning to ecommerce, which is showing continued staying power.