Jewelry spending for the holiday is estimated to reach a record $6.2 billion.
The jewelry industry is expected to feel the love even more than usual this Valentine’s Day.
Jewelry spending for the holiday is estimated to reach a record $6.2 billion this year, up 50 percent from $4.1 billion in 2021, according to the annual survey released Monday [January 31] by the National Retail Federation and Prosper Insights & Analytics.
The prediction marks the highest so far in the survey’s history.
Nearly a quarter (22 percent) of respondents will gift jewelry to their special someone this year.
The NRF includes all jewelry sales, from fine to fashion jewelry, in its calculations, as per a spokesperson.
Overall Valentine’s Day spending is expected to reach $23.9 billion this year, up about 10 percent from $21.8 billion in 2021. That would be the second-highest year on record.
“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” said NRF President and CEO Matthew Shay in a press release about the survey.
“Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way.”
More than half (53 percent) of U.S. consumers will celebrate this year, up slightly from 52 percent last year.
Shoppers are expected to spend an average of $175.41 per person on gifts, up 6 percent from $164.76 in 2021.
Though friend-focused celebrations like Galentine’s Day have grown in popularity over the years, the increase in spending this year stems from gift-givers spending more on significant others or spouses, according to the survey.
The most popular gift for the holiday is candy (56 percent), followed by greeting cards (40 percent) and flowers (37 percent).
Nearly one-third (31 percent) of respondents will be celebrating with an evening out this year, up from 24 percent last year and just below pre-pandemic levels.
Those celebrating with a night out will spend an estimated $4.3 billion.
Photo © Esther Tuttle on Unsplash
