Out of pocket, not spirit: Despite inflation, people to spend record bucks on Valentine’s Day

It’s Valentine’s Day and couples are willing to spend a bomb to portray their love. Data shared by the National Retail Federation (NRF) and Proper Insights and Analytics show that consumers are expected to spend as much as $26 billion on cupid’s birthday this year, eight per cent more than last year. Statistics show that this year’s spending will reach a record high. NRF President and CEO Matthew Shay said, “This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices.” Economic woes will not stand in the way of love, said most consumers. People this year are expected to go a step ahead to show appreciation for the meaningful relationships they share with others. “This year, as consumers embrace spending on friends and loved ones, retailers are ready to help customers celebrate Valentine’s Day with memorable gifts at affordable prices,” Shay added. The surveys The survey conducted by NRF included responses from 7,616 US adult consumers. Out of these some even said that they don’t plan on celebrating Valentine’s Day. Twenty-eight per cent of these still say they will mark the occasion somehow by either treating themselves with something special or planning a get-together, according to Forbes. Another survey conducted by ‘Sezzle’ – a US and Canada-based payment platform – showed that 63 per cent of those surveyed had planned to purchase gifts for their loved ones on Valentine’s Day. The Sezzle survey, however, pointed out that ongoing inflation-induced price rise would impact consumers’ gifting choices. “Inflationary pricing is a debilitating factor that affects all shoppers - sub-prime to prime - and as shoppers use more cautionary spending practices, we expect to see a continuation of the upward trend of Buy Now Pay Later (BNPL),” stated Charlie Youakim, CEO and co-founder of Sezzle. Spending by age and location The day of love is for everyone to celebrate. Although in recent years Valentine’s Day has been associated more with younger people, the survey found that those aged between 35 and 44 are expected to outspend other age groups. Meanwhile, the top shopping destinations include online e-markets (35 per cent), department stores (34 per cent), discount stores (31 per cent) and specialty stores (18 per cent). Gifts like candy, greeting cards, flowers and a romantic dinner are expected to rule the list. Read all the  Latest News,  Trending News,  Cricket News,  Bollywood News, India News and  Entertainment News here. Follow us on  Facebook,  Twitter and  Instagram.