Americans to spend $14.6 billion on Valentine’s Day, report finds

It seems that love is in the air, and so is the spending as more people are apparently getting into the Valentine’s Day spirit this year.

Americans shopping for their significant others are expected to spend $14.6 billion this year, according to the latest annual survey by the National Retail Federation and Prosper Insights & Analytics. That is up from $14.2 billion in 2024.

The survey polled 8,020 adult consumers about their Valentine’s Day shopping plans in early January.

Despite strong spending trends, inflation could play a role in whether consumers choose to splurge or scale back, experts say. To that point, this record Valentine’s Day spending comes at a time when inflation is still relatively high in the U.S. The consumer price index, an inflation gauge, jumped 3% for the 12 months ending in January, according to the Bureau of Labor Statistics. 

The January reading is up from 2.9% in December, the fourth consecutive month of increases in the annual inflation rate when it was at 2.4% in September.

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While consumers may not feel great about the broader economy, “they still feel very willing to spend on what’s important to them,” said Katherine Cullen, vice president of industry and consumer insights at the National Retail Federation.

“These moments of celebration throughout the year have really seemingly grown in the consumer psyche,” or “becoming moments of joy,” she said.

“We’ve also seen people more likely than before the pandemic to say that they’re really living in the moment because the future is a little more uncertain,” Cullen added.

It can be a nice experience to splurge on the holiday. But if you find yourself with a tighter budget this year, there are financially savvy ways you can express your love, experts say. 

The National Retail Federation found that candy was the most popular Valentine’s gift. More than half, or 56%, of surveyed respondents plan to give candy, followed by flowers and greeting cards equally at 40%, an evening out at 35% and jewelry at 22%. 

According to the NRF report, shoppers plan to spend approximately $6.5 billion on jewelry, with further spending allocated toward “an evening out” at $5.4 billion and flowers at $2.9 billion.

As you browse online or hit the stores for Valentine’s Day shopping, it can be tempting to put the purchases on your credit card. Before you do, keep in mind that Americans’ total credit card balance is $1.211 trillion as of the fourth quarter of 2024, according to the latest consumer debt data from the Federal Reserve Bank of New York. That is up from $1.166 trillion in the third quarter of 2024 and is the highest balance since the New York Fed began tracking in 1999.

If you can’t afford to make these purchases, here are ways to celebrate the holiday without going over budget, according to experts:

If you can’t make dinner or evening plans on Valentine’s Day this year, consider celebrating the holiday on a different date, experts say. 

“Shift your Valentine’s Day,” said Carolyn McClanahan, a physician and certified financial planner and the founder of Life Planning Partners in Jacksonville, Florida.

If you’re willing to go out the night before or the night after or more, the move “can potentially be a way to save,” said Ted Rossman, a senior industry analyst at Bankrate.

Try to make some adaptations if you’re unable to shift the date or be flexible with timing, Rossman said. 

For instance, red roses go “sky high around Valentine’s Day,” he said. “Maybe you could get a different type of flower.”

If you’re having a hard time booking reservations or costs are too high, try cooking a special meal at home, or something that you wouldn’t normally prepare, experts say.

“Buy yourself a really good bottle of wine and cook something special,” said McClanahan, who is also a member of CNBC’s Financial Advisor Council.

If you plan to give your significant other an extravagant gift such as a piece of jewelry, keep this in mind: “The more expensive the jewelry doesn’t mean the more love you’re giving,” McClanahan said.

Instead of jumping immediately to high ticket-price items, consider what your gift-giving history with each other has been, McClanahan said.

“Get something special that may not be as expensive, something a person would really want,” she said.