A new survey conducted by the National Retail Federation (NRF) shows that consumers plan to spend more money on their loved ones on Valentine’s Day this year.

The survey, conducted among 7,616 adult consumers in the US taken between January 3 to January 11, shows that US consumers plan to spend $5.5 billion on jewelry – out of a total of $25.9 billion (21%). This is an increase on the $23.9 billion spent in 2022, “and one of the highest spending years on record,” according to IDEX Online.

More than half (52%) of consumers plan to celebrate Valentine’s and will spend an average of $192.80 – up from $175.41 in 2022, and the second-highest figure since NRF and Prosper started tracking Valentine’s Day spending in 2004.

Consumers aged 35 to 44 plan to outspend other age groups, according to the NRF, – $335.71 on average, which is approximately $142.91 more than the average consumer celebrating the holiday.

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%). 

The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%) and clothing (19%). Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out. About one-third (32%) plan to give a gift of experience, up from 26% last year and the highest since NRF and Prosper started asking this question in 2017. 

Prosper Executive Vice President of Strategy Phil Rist noted that more than half of consumers say they will take advantage of sales and promotions as they celebrate Valentine’s Day this year.

“Valentine’s Day is a special occasion to shop for the people we care most about,” NRF President and CEO Matthew Shay said. “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.”