Jewelry industry

Jewelry industry to benefit from record $6.2 billion Valentine’s Day spending

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Total jewelry spending is estimated at $6.2 billion for Valentine’s Day, a record high from $4.1 billion in 2021.

Total Valentine’s Day spending is expected to reach $23.9 billion this year, up from $21.8 billion last year and the second highest year on record.

The data comes from the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

Commenting on the results, NRF President and CEO Matthew Shay said: “Following the historic level of consumer spending over the winter holidays, it looks like the trend will continue into 2022.”

Adding, “Valentine’s Day is a special occasion for many Americans, especially as we emerge from the pandemic, and retailers are ready to help them mark the holiday in a memorable and meaningful way.”

According to the survey, shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021.

The increase comes as many intend to spend more on loved ones or spouses.

Candy (56%), greeting cards (40%) and flowers (37%) remain the most popular gifts this Valentine’s Day, while almost a quarter (22%) will choose to give jewelry to a special person.

In doing so, online continues to be the most popular shopping destination for Valentine’s Day this year, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18 % and florists at 17%.

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