FOR IMMEDIATE RELEASE
JANUARY 31, 2023
Tallahassee, FL – No broken hearts this Valentine's Day, as retailers anticipate a nearly 10% increase in per-person spending this year as shoppers plan to spend $192.80 on average, according to the Florida Retail Federation.
"Shoppers are excited to celebrate the meaningful relationships in their lives this Valentine's Day," said Scott Shalley, president and CEO of the Florida Retail Federation. “Florida retailers are ready to help find the perfect gift for your loved ones. Whether it's a friend, partner, spouse or family member, you can 'Find It In Florida' and discover the perfect way to say 'I love you'."
2023 marks the second-highest year on record for Valentine's Day since 2004. A recent survey from the National Retail Federation reveals that the special holiday occasion has consumers embracing spending on friends and loved ones with a forecast of $26 billion, up from $23.9 billion last year.
With more than half (52%) of consumers planning to partake in the festivities, the focus of Valentine's Day has expanded beyond significant others and family members with shoppers looking to honor the other meaningful relationships in their lives.
As the average shopper plans to spend more this year, the $17 per-person increase from $175.41 the previous year is attributed to additional gift purchases for pets, friends, co-workers and classmates.
Over half of Floridians plan to purchase their gifts online (35%) or at a department store (34%), while others will shop at discount stores (31%) or specialty stores (18%).
The top five Valentine's Day gifts shoppers plan to buy this year include:
- Candy - 57%
- Greeting cards - 40%
- Flowers - 37%
- An evening out - 32%
- Jewelry - 21%
While more than a quarter (32%) of shoppers plan to gift a special experience, more than $5.5 billion is forecasted to be spent on jewelry and $4.4 billion spent on a special night out.
While shoppers look for the perfect Valentine, "Find It In Florida" and shop local retailers. Supporting local retail boosts the local economy and supports community businesses. Learn more about the "Find It In Florida" program at the website.
For more information on the predictions of the National Retail Federation, visit: https://nrf.com/media-center/press-releases/consumers-plan-increase-valentines-day-spending-nearly-26-billion
ABOUT THE FLORIDA RETAIL FEDERATION
The Florida Retail Federation is the statewide trade association representing retailers -- the businesses that sell directly to consumers. Florida retailers contribute $239 billion to the economy every year and support 3.6 million jobs for Florida families, or nearly one-third of all jobs in the state. Florida retailers pay more than $69 billion in wages annually and collect and remit more than $35 billion in sales taxes for Florida’s government each year.
ABOUT THE NATIONAL RETAIL FEDERATION
The National Retail Federation, the world’s largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs – 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.