Valentine’s Day spending hits record $29.1 billion as shoppers buy more gifts

The most useful surprise in the numbers is how far the gift list has stretched. Among those celebrating, 83% planned to buy for a significant other, but shoppers also budgeted billions for family members, friends, co-workers, children’s classmates and teachers, and pets. Spending on pets alone reached a record 35% of consumers, or $2.1 billion, which says as much about modern holiday habits as any luxury purchase. Katherine Cullen of the National Retail Federation said the holiday resonates with many Americans, and Phil Rist of Prosper Insights & Analytics pointed to the many meaningful relationships people want to recognize, including pets.

The money, though, is still flowing to a few obvious categories. Candy remained the most popular planned gift at 56%, followed by flowers and greeting cards at 41% each, an evening out at 39% and jewelry at 25%. But jewelry is where shoppers planned to spend the most, at $7 billion, ahead of an evening out at $6.3 billion, clothing at $3.5 billion and flowers at $3.1 billion. That split tells the real story: sentimental, easy-to-give gifts are winning on volume, while bigger-ticket items are reserved for the occasions that matter most.

Timing remains part of the holiday’s stress test. Three-quarters of celebrants said they start planning in the first week of February or earlier, but 28% of women said they do not begin until the week of the holiday or the day itself. That helps explain why online was the top shopping destination at 38%, ahead of department stores at 35%, discount stores at 30% and specialty stores at 21%. For anyone still deciding, the smarter move is usually the practical one: a gift that arrives on time, feels personal and can still be useful after February 14.