Can you measure love? Probably not, but you can measure the cost of Valentine's Day and the lift it provides the economy. In 2019, consumers spent $20,700,000,000 on Valentine's Day, an increase of $1,500,000 over 2018. This trend likely will continue in 2020.
According to the National Retail Federation (NRF), fewer people are celebrating the holiday, but those who do are spending more. In 2009, 72% of adults 18-34 and 65% of those 35-54 said they planned to mark the day. Today, a little more than half of the younger group has such plans.
According to the NRF survey, the most-common expenditure is on sweets (given by 52% of the respondents), accounting for $1,800,-000,000, while $3,900,000,000 is spent on jewelry (18%). Falling below sweets but above jewelry is an evening out (restaurant or hotel) at 34%, accounting for $3,500,000,000.
Not surprisingly, e-commerce is booming for Valentine's Day as well. In 2019, 29% of shoppers bought online, a two...