Florida businesses are expected to feel the love this year for Valentine’s Day.
Although spending will be down, more than half of Florida consumers plan to celebrate Valentine’s Day this year, according to new data released by the National Retail Federation.
Consumers plan to spend an average of $164.76 this Valentine’s Day, according to the survey. Nationwide spending projected to reach $21.8 billion, compared to $27.4 billion last year.
“After a difficult year, Floridians are looking forward to celebrating this Valentine’s Day,” Scott Shalley, the Florida Retail Federation CEO, said in a news release. “It’s the perfect time to show your spouse and other loved ones how much they are appreciated.”
The survey found that the pandemic may actually be helping the holiday — 73% of customers feel celebrating this year is important given the pandemic. Nothing brings people together like sheltering in place.
Although Valentine’s Day spending is down this year, shoppers still plan to invest in all kinds of relationships.
The NRF predicts $11.7 billion in spending dedicated to significant others/spouses, and about $10 billion on other relationships. This includes $5 billion in spending on other family members and children, $1.6 billion on friends, $1.3 billion on pets and $1.1 billion on coworkers.
So, who’s doing the spending?
The biggest spenders this Valentine’s Day will be those aged 35 to 44, similar to that of previous years. This age range plans to spend an average of $264 this year.
Younger lovebirds aged 25 to 34 are planning to spend $240 to celebrate the holiday.
Men and women are also expected to have different spending numbers, consistent with last year. Men are projected to spend $231 on average while women are projected to spend $101.
Valentine’s Day will be sweet this year for consumers.
More than half (54%) of spenders plan on buying candy, and 41% are planning a special dinner or celebration at home. About 44% of consumers will be purchasing cards and 36% plan on spending on flowers.
Only 24% of spenders anticipate an evening out, 21% are looking to buy gift cards and 18% will be purchasing jewelry.