Valentine's Day spending is expected to reach new heights this year, as more than half of all consumers plan to celebrate with a gift or experience.
Close to 55 percent of consumers will celebrate Valentine's Day, according to the National Retail Federation. Shoppers will spend an average of $146.84 on flowers, jewelry, candy and apparel, up from $142.31 last year. Total spending is expected to reach $19.7 billion, the highest since the NRF's Valentine's Day Consumer Spending Survey conducted by Prosper Insights and Analytics began.
Jewelry is the big winner, as U.S. consumers will spend an estimated $4.4 billion on baubles. Nearly half (47.9 percent) will buy greeting cards, $2 billion will be spent on apparel and $1.9 billion on flowers. Even millennials are choosing to spend on traditional gifts, according to dunnhumby.
Most will buy for their significant other but a good number will get gifts for other family members such as children, parents, co-workers, pets, and children's classmates and teachers.
Experiences remain high on consumer's priority lists, as 24 percent sad they plan to gift an experience such as concert tickets, spa service or art lesson. Nearly 40 percent said they would love to receive such a gift.
-See these NRF survey results
Millennials spend more on Valentine's Day
February sales decline 10% amid winter weather
Valentine's Day spending up 4%
Valentine's Day highlights the new cycle of seasonal shopping