US Retail Association: "Valentine's Day Gift Market Hits 32 Trillion Won This Year... Largest in 20 Years"

First Event After COVID-19 Easing
Men Aged 35-44 Show the Highest Spending

[Asia Economy Reporter Hyunwoo Lee] Ahead of the first Valentine's Day since the easing of COVID-19 restrictions, it is forecasted that American consumers will spend a record-breaking $259 billion (approximately 32 trillion KRW), the largest amount since 2004. In particular, men aged 35 to 44, who tend to have high spending habits on occasions such as purchasing engagement rings, are expected to have the highest consumption.

According to CNBC on the 30th (local time), the National Retail Federation (NRF) conducted a survey from the 3rd to the 11th of this month targeting 7,616 adult consumers in the U.S. The survey found that American consumers are expected to spend $25.9 billion (about 32 trillion KRW) on Valentine's Day this year. This is an increase of more than $2 billion compared to last year's $23.9 billion and marks the second-largest amount since 2004.

[Image source=wilsoncandy.com]

Respondents to the survey indicated that the average spending per person is expected to be $192.8, which is about 10% higher than the $175.4 spent in 2022.

By item, candy such as chocolates accounted for the highest share at 57%, followed by cards (40%), flowers (37%), dining out (32%), jewelry (21%), gift cards (20%), and clothing (19%).

Regarding preferred shopping locations, online shopping (35%) was the most favored, followed closely by department stores (34%) and discount stores (31%). Specialty stores (18%) came next.

Notably, the group planning the highest spending were millennial men aged 35 to 44. Respondents in this age group said they plan to spend an average of $336, which is more than 41% higher than the $238 planned by those aged 25 to 34.

CNBC reported that men in the typical marriage age group tend to have the strongest spending habits on Valentine's Day, especially due to purchases like engagement rings. According to WeddingWire, a U.S. wedding planning website, Valentine's Day in 2020 was identified as the day with the highest number of engagements in the U.S. This year, Americans are expected to spend $5.5 billion on jewelry and nearly $4.4 billion on dining out for Valentine's Day.

Among those who do not plan to specially celebrate Valentine's Day, 28% still responded that they will buy gifts for friends or family or plan an evening outing, indicating that overall spending is expected to increase in some form.

This content was produced with the assistance of AI translation services.