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Valentine’s Day Jewelry Spending Predicted to Drop to $4B
The ongoing pandemic is expected to affect numbers across the board, the NRF said, though they are still above 2019 levels.
A 14-karat gold and diamond “Smushed Heart Pinky Ring” from Eriness
Washington—Though half of U.S. adults said they plan to celebrate Valentine’s Day this year, the total they’re expected to spend on the holiday has dropped a lot from 2020’s figures.
According to a recent survey from the National Retail Federation and Prosper Insights & Analytics—polling 7,882 adult consumers from Jan. 4-12—52 percent said they will celebrate the holiday, spending a total of $21.8 billion.
This is down from the record $27.4 billion predicted for total spending in 2020 (the NRF doesn’t provide actual spending numbers) but up slightly from the $20.7 billion predicted in 2019.
Expected spending on jewelry, specifically, is $4.1 billion, down from the expected $5.8 billion in 2020 but up slightly from the $3.9 billion the organization expected for the category in 2019.
Per-person spending on Valentine’s Day gifts this year has also dropped to average $164.76, down $32 on average per person from the record $196.31 in 2020.
This year’s figures have been affected, not surprisingly, by the ongoing COVID-19 pandemic.
Even though nearly three out of four consumers (73 percent) said they think it’s important to celebrate Valentine’s Day given the current state of the pandemic, 74 percent also said it will directly affect their plans for the holiday.
Far fewer will plan an event out—24 percent plan to gift their loved one with an evening out, the lowest in the survey’s history, the NRF said. Instead, 41 percent said they will plan a special dinner or celebration in their home.
When it comes to who they are spending on, significant others saw the biggest drop this year, down an average of $13 year-over-year.
There also is expected to be a decrease in spending on teachers, classmates, and coworkers as everyone continues to social distance. Consumers said they will spend an average of $10.77 on their kids’ classmates and teachers, down from $14.45 last year, and an average of $8.47 on colleagues, down from $12.96 in 2020.
Even though numbers are down when compared with last year, the NRF still emphasized that this year’s total and average spending figures are the second highest since it started the survey in 2009.
This year, shoppers said the top shopping destination will be online (39 percent), followed by department stores (29 percent), discount stores (28 percent) and a tie between local small businesses and specialty stores (both at 17 percent).
The NRF said this
is the first time consumers listed small businesses in their top five shopping destinations since the question was added to the survey in 2015.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” NRF President and CEO Matthew Shay said. “However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations.”
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