Americans are expected to spend a record $29.1 billion on Valentine’s Day this year, driven by higher budgets and expanded gift-giving that includes friends, co-workers and pets, according to a new survey released by the National Retail Federation and Prosper Insights & Analytics.
The projected spending surpasses the previous record of $27.5 billion set in 2025. Shoppers plan to spend an average of $199.78 on Valentine’s Day gifts, up from $188.81 last year and exceeding the prior record of $196.31 set in 2020.
“Valentine’s Day is a cherished holiday that resonates with many Americans, as seen with expected record-breaking spending this year,” said Katherine Cullen, vice president of industry and consumer insights at the National Retail Federation. “Much of that growth is driven by middle- and high-income shoppers who are expanding their gift lists to include friends, co-workers and even pets in addition to loved ones.”
The survey found that 55% of consumers plan to celebrate Valentine’s Day. Among those celebrating, 83% intend to buy a gift for a significant other, with spending on romantic partners expected to reach $14.5 billion. An additional 58% plan to purchase gifts for other family members, including children, parents and siblings, accounting for $4.5 billion in expected spending.
Beyond romantic partners and family, 33% of consumers plan to buy gifts for friends, totaling $2.4 billion. About 27% expect to purchase gifts for children’s classmates and teachers, representing $2.2 billion, while 21% plan to buy gifts for co-workers, with spending projected at $1.7 billion.
Pet-related spending is also expected to reach a new high. A record 35% of consumers said they plan to purchase Valentine’s Day gifts for their pets, totaling $2.1 billion, up from $1.7 billion last year.
“Valentine’s Day underscores the value of relationships, and for many people, the connection they share with their pets is an important one,” said Phil Rist, executive vice president of strategy at Prosper Insights & Analytics. “Whether it’s a dog, cat or other animal, consumers are looking to celebrate their pets this Valentine’s Day with a special toy, accessory or treat.”
Candy remains the most popular gift, with 56% of consumers planning to purchase it. Other commonly purchased items include flowers and greeting cards, each at 41%, an evening out at 39%, and jewelry at 25%. Jewelry is expected to account for the highest spending at $7 billion, followed by $6.3 billion on evenings out, $3.5 billion on clothing and $3.1 billion on flowers.
Online shopping remains the top destination for Valentine’s Day purchases at 38%, followed by department stores at 35%, discount stores at 30% and specialty stores at 21%.
Among those not planning to celebrate the holiday, 31% still expect to mark the occasion in some way, such as treating themselves, practicing self-care or planning a get-together with friends or family.
The survey was conducted Jan. 2–8 among 7,791 adult consumers and has a margin of error of plus or minus 1.1 percentage points.
