New York — Total spending during the Valentine’s Day season is expected to top $19.7 billion, according to a report by MarketResearch.com utilizing data from Packaged Facts.
The report projects approximately $1.7 billion to be spent on candy for Valentine’s Day with 81 percent of consumers turning to chocolate for the holiday. This figure out paces NCA’s previous projection of $1.1 billion, which would represent a 1.6 percent increase compared to the year prior.
With 54.8 percent of consumers celebrating the holiday, of which each spent an average of $146.84 in 2015, retailers can expect another big turnout this time around. According to the report, cards, flowers, jewelry, clothing and dining out are the other categories beyond candy set to make an impact this season.
The report claims $2.2 billion is generated from jewelry sales this time of year and another $404 million in revenue comes from the sale of domestically cut flowers.
Cards are the most commonly given gift during the holiday, according to the report, which has 52.1 percent of respondents giving cards during the holiday, closely followed by 47.5 percent for candy, 34.3 percent for flowers and 34.6 percent dining out.