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Nothing says I love you like chocolate, which is why it comes as no surprise that candy tops the list of this year’s popular Valentine’s Day gifts.
Cards and flowers also rank high, as does jewelry, according to the National Retail Federation.
“In terms of spending and category, jewelry absolutely wins the love leaderboard,” said Michelle Dalton Tyree, a retail and trend expert. “Here’s what I think is funny. Only 25% of people are actually buying jewelry, but that jewelry that they are buying makes up $7 billion of that Valentine’s Day pie.”
Most shoppers prefer buying online, but department stores are a close second, and for many, Valentine’s goodies don’t come in heart shaped boxes or any box at all.
With the holiday falling on a Saturday, experiential gifts are a big hit.
“Couples don’t have to squeeze in something in the middle of the week,” Dalton Tyree said. “This is a perfect time to do experiences, to go out to dinner, to go for a weekend getaway. So it really comes at an ideal time this year. And who doesn’t love a fun, frivolous escape?”
One possible excursion is a trip to White Castle. For the 35th-year running, 300 locations of this fast-food franchise will turn into “Love Castle,” offering table-side service and special decor.
Pizza Hut is selling heart shaped pies, and McDonald’s offered a special Valentine’s Day kit.
“This included caviar from Paramount Caviar, a $25 McDonald’s gift card, creme fraiche and even a traditional mother-of-pearl caviar spoon,” Dalton Tyree said. ”It sold out in minutes.”
The National Retail Federation says 83% of those celebrating will buy gifts for romantic partners, but plenty of others will spend on friends and coworkers, and a record 35% of Valentine’s Day shoppers are projected to spend a whopping $2.1 billion on their pets.
“One of the things driving this is we saw, obviously, a pandemic pet explosion,” Dalton Tyree said. “And a lot of those pets during the pandemic became people’s SOs. That was their significant other. And Gen Z’s and millennials are really, really driving this trend.”
Consumers are expected to spend $200 per person — the highest amount ever seen — showing that even in times of economic uncertainty, Americans love to love.
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Alex Cohen
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