The National Retail Federation (NRF) is out with its Valentine’s Day retail forecasts and it expects a subdued lover’s holiday this February 14.
In this first-pandemic Valentine’s Day, the NRF predicts spending to decline by 20%, and only reach $21.8 billion after breaking records last year at $27.4 billion, right before Covid hit. If NRF’s forecast proves true, Valentine’s Day spending will top that from 2019, but not by much.
A significant drop in people’s plans to go out for the evening is behind much of the decline in spending. The average expenditures on Valentine’s Day this year will drop $32, from $196 last year to $165 this.
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