Valentine’s spending figures to fall 16% from 2020 levels
Valentine’s Day celebrants across Nevada will be gifting flowers, sweets and jewelry to shower their significant others with love. According to estimates by the Retail Association of Nevada, more than 1.2 million adults in Nevada are expected to celebrate the holiday this year, spending nearly $210 million.
“Valentine’s Day is expected to see a larger than usual share of love birds spending the special day in the comfort of their homes rather than traditional dinners, traveling or evenings out,” RAN Senior Vice President Bryan Wachter said. “Omitting last year’s record-setting performance, spending volumes and participation levels will be in line with years prior, so retail stores across Nevada are still ready with flowers, candy and jewelry as Valentine’s Day approaches.”
A recent survey by the National Retail Federation found that adults across the country plan to spend $21.8 billion on friends, family, co-workers, loved ones and pets this Valentine’s Day. Average spending per person is expected to fall to $164.76, a 16.1% decline from a record-setting Valentine’s Day in 2020 that occurred just before the COVID-19 pandemic ramped up.
Candy continued its reign as the most popular gift this Valentine’s Day, with 54% of respondents indicating they would be purchasing chocolates and other sweets. Greeting cards came in as the second-most popular gift this year, with 44% of consumers planning to purchase. In addition, 36% of respondents indicated they would purchase flowers, while 24% of respondents said they would enjoy an evening out, a 10% percentage point decline from last year because of ongoing social distancing measures. Jewelry ranked as the most expensive spending category this year yet again with average spending of $30.71 per celebrant. The next highest spending category is an evening out, with an average spend of $21.39, followed closely by clothing with average spending of $20.05 on significant others or loved ones.
Online shopping has dethroned department stores as the most popular shopping destination, with 38% of respondents indicating that they would shop online. Much of this increased activity is likely because of a shift in shopping patterns during the pandemic that has resulted in consumers opting to shop from home more often.
Department stores came in second with 29% of respondents indicating that they would be shopping there, followed closely by 28% of respondents planning to shop at discount stores.
Rounding out the top five shopping destinations were specialty stores and small/local businesses, which are both expected to serve 17% of respondents for their Valentine’s Day needs.
Contact reporter Selwyn Harris at sharris@pvtimes.com. On Twitter: @pvtimes
