Valentine’s Day Trends 2020 – Must Read!

Valentine’s Day sales 2020 is all set to make a record; thanks to the grand spending plans of the confident customers! With the total spending expected to total $27.4 billion- up 32 percent from last year’s record $20.7 billion, Valentine’s Day is going to be a grand shopping day for most Americans.

Its official! If the figures and forecasts are any indication, Americans are expected to set another record for Valentine’s Day spending this year as they continue to get a wider range of custom gifts for everyone on their gift list!

Though Valentine’s Day happens to be a sentimental tradition that is deeply rooted in love, gift giving trends are heavily influenced by the booming economy.  Higher wages and  better employment opportunities have made it easier for the consumers to spend a little extra to convey their romantic thoughts to their loved ones.

This year, most people plan to draw out a bigger gift list that is well beyond just their significant other! Shoppers may spend an average $196.31, up 21 percent over last year’s previous record of $161.96 on their Valentine’s Day shopping.

Popular gift Trends

Trends indicate that the popular gift choices for consumers may be candy, cards and flowers for friends, family, co-workers and even pets.

• 52 percent plan to shop for candy ( $2.4 billion) which makes it the most popular Valentine day gift.
• 43 percent spend on greeting cards ($1.3 billion)
• 41 percent may opt for tickets to an event or a visit to a spa
• 37 percent shop for flowers ($2.3 billion )
• 34 percent plan an evening day out ($4.3 billion)! Are the restaurant and bar owners out there listening? Make the most of this trend by handing out industry specific custom gifts like customized tumblers, coasters, cutlery, bottle opener keychains and much more.
• 21 percent shoppers will  shop for jewelry($5.8 billion on jewelry)
• 20 percent people will spend on clothing ($2.9 billion )
• 19 percent will buy gift cards ($2 billion)

Find below the graphical illustration of the spending pattern in the last 5 years, which shows  a clear  upward trend

Source: National Retail Federation

The spending pattern

It will be interesting to analyze the average spending patterns of the shoppers this year.
At 52 percent, the biggest share of Valentine’s Day spending will be on gifts for spouses and loved ones. It will add up to an average of $101.21 this year, up from $93.24 in 2019.

Valentine Day Gifts Are Not Just For Spouses!

All the possessive wives and girl friends need not feel annoyed when they see their men in life shopping for Valentine’s Day gifts for someone other than them! Valentine’s Day is not just about amorous  talks, romantic gifts and a quixotic evening with their special someone. It is a great day to show love and care to everyone in the lives of people.

While spouses get the spotlight and the biggest shopping budget on valentine’s day, the gift list  of most consumers features other people in their life as well. take a look at how the shoppers are planning to divide their shopping budget!

Keeping the family together

Consumers say they will spend an average $30.19 on family members other than spouses, which is slightly higher than last years figure of $29.87  year.

Best friends are forever!  

 Valentine Day shoppers plan to spend more for their friends this year and will spend on an average $14.69 on friends, up from $9.78

Keeping the social networks beautiful

Everyone seems to have a budget not just for gifts for their friends but even for their kids’ teachers and class mates as well. That is indeed a sweet way to celebrate the day of selfless love!

The average spending on children’s classmates and teachers will be  $14.45, which is almost twice last year’s figure of $8.63

Colleagues are special!

Cherish your co workers at work! Supportive colleagues  will  make even a long and difficult day at work interesting and inspiring. This year, Valentines Day shoppers plan to spend an average of $12.96 on co-workers (up from $7.78 last year) to show that they are special! The amount spent on gifts for co-workers have gone up by double to hit 7 percent against 3% a decade ago.

Pets get some love too!

It’s much more than puppy love!  Pets are definitely getting a larger share of Valentine’s Day spending this year. An interesting trend has been the fact that the gift share for pets has jumped to 6% from 3 percent over the last decade. This trend is more conspicuous among the millennial community of shoppers.

 The average per person spending on Valentine’s Day gifts for pets this year is $12.21 on pets. 27 percent say they will buy Valentine’s gifts for their pets, which will make a record breaking total of $1.7 billion!

55 percent people will celebrate Valentine’s Day!

The number of people celebrating Valentine’s Day will be around 55 percent against that of 51 percent last year.

Meet the high spenders!

People in the age group of 35-44 are the biggest spenders at $358.78 followed by the millennial group of 25-34 that is expected to spend $307.51.

 The youngest Valentine’s shoppers in the age bracket of 18-24 – will still be spending an average $109.31, which paints a rosy picture of the Valentine’s Day shopping trends in general.

The Valentine’s Day survey results show an increase of 4.1 percent from the 2019 holiday sales. This year holds a bigger celebration thanks to a decent disposable income and a stable economy. Valentine’s Day is indeed going to be a red letter day in the shopping calendar of Americans and a peak season for retailers.