Valentine’s Day is getting a lot of love from brands this year, as the holiday emerges as a spending powerhouse.
Consumers are expected to shell out a record $27.5 billion on Feb. 14 celebrations and gifts, a 6.6% rise over last year and above the 2020 record of $27.4 billion, according to a survey from the National Retail Federation with Prosper Insights & Analytics. The group found that 56% of consumers plan to celebrate Valentine’s Day this year, an increase from last year’s 53%. And as with Halloween, which in recent years has become a large-scale marketing opportunity thanks to interest from younger consumers, Gen Z is leading the charge. Sixty-five percent of consumers ages 25 to 34, which includes Gen Zers and younger millennials, are planning to celebrate Valentine’s Day this year, according to the survey. Many are buying for “Galentine’s Day,” which refers to Feb. 13, a date dedicated to female friendships.
“Gen Z in particular has embraced the philosophy of ‘live for today because tomorrow is uncertain,’ and appreciate ‘little treats’ to celebrate smaller moments in life,” said Katherine Cullen, VP of industry and consumer insights at the NRF. “Marking holidays like Valentine’s Day is one way these shoppers are looking to spark moments of joy throughout the year.”