5 Valentine’s Day Consumer Spending Trends to Help You Sell More in 2024
February 8, 2024 | 1 min to read
Valentine’s Day 2023 saw near-record spending, reaching $25.9 billion, with an average of $193 per person, close to pre-pandemic levels. The trend of gifting expanded beyond just romantic partners; $7.1 billion was spent on family, friends, colleagues, and teachers, a significant increase from $5.6 billion in 2022. This diverse range of gift recipients highlights a prime opportunity for marketers to promote floral gifting to various groups, excluding pets.
Valentine’s Day is always a major holiday for the floral industry, and if last year’s trends continue, we could be looking at the biggest Valentine’s Day ever. 2023 had near-record Valentine’s Day spending, both total and per person. To help you know where to focus your marketing efforts, here are the five key trends you need to know about from 2023:
1. Overall Spending
Per the National Retail Federation (NRF), Valentine’s Day consumer spending for 2023 hit $25.9 billion, the second-highest year recorded. The average per-person spending was close to $193, also the second highest ever. This is great news, as we’re getting closer to pre-pandemic spending levels!
2. Diverse Gift Recipients
People are, of course, spending money on significant others for Valentine’s Day, but they’re also spending on many other loved ones. This includes family, friends, co-workers, teachers, classmates, and even pets. The total spent on these groups was $7.1 billion last year, up from $5.6 billion in 2022. Marketing giving flowers to these different groups (well, except pets) can be a great way to increase your business.
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