Americans are expected to open their wallets in a big way this Valentine’s Day, with spending projected to reach a new record as shoppers buy gifts not only for romantic partners, but also for friends, family members, co-workers, and even pets.
According to a new annual survey from the National Retail Federation (NRF) and Prosper Insights & Analytics, consumers are expected to spend $29.1 billion on Valentine’s Day this year, the highest total ever recorded for the holiday.
Why Spending Is Climbing
NRF says the increase is being driven largely by middle- and high-income consumers who are broadening how, and for whom, they celebrate Valentine’s Day.
“Much of that growth is driven by middle- and high-income shoppers who are expanding their gift lists to include friends, co-workers and even pets in addition to loved ones,” said Katherine Cullen, NRF’s vice president of industry and consumer insights.
The survey polled approximately 7,800 adult consumers and found that more than half plan to celebrate Valentine’s Day this year.
Average Spending Reaches a New High
On average, consumers who plan to celebrate are expected to spend about $200 total on gifts for significant others, friends, pets, and others.
That figure surpasses the previous per-person spending record set in 2020, when consumers spent an average of $196.31.
NRF says the increase reflects both higher prices and broader participation, as shoppers spread their budgets across more recipients than in previous years.
Who People Are Buying Gifts For
Spending remains heavily focused on romantic partners, but other categories continue to grow.
For 2026:
- About half of consumers’ Valentine’s Day budgets will go toward significant others
- Roughly one-third of shoppers plan to buy gifts for friends, spending about $31 on average
- Spending on pets and colleagues continues to trend upward
The number of consumers planning to buy Valentine’s Day gifts for their pets is up 21% from last year, with shoppers spending about $2.50 more per pet than in 2025.
The Most Popular Valentine’s Day Gifts
Despite changing spending habits, classic Valentine’s Day gifts remain at the top of the list.
According to the survey:
- Candy is the most popular gift, with more than half of celebrants planning to buy it
- Greeting cards rank second
- Flowers follow closely behind
These traditional items continue to dominate Valentine’s Day shopping, even as consumers add new recipients to their lists.
A Broader Take on Valentine’s Day
Retail analysts say the data reflects how Valentine’s Day has evolved beyond romantic relationships into a broader celebration of appreciation and connection.
Rather than focusing exclusively on couples, many consumers are using the holiday as an opportunity to acknowledge friendships, family bonds, workplace relationships, and pets, helping drive overall spending to new heights.
With Feb. 14 approaching, retailers are expecting strong demand across categories ranging from sweets and floral arrangements to personalized gifts and pet treats.
Featured image from: Chrys Omori from Sao Paulo, Brazil, CC BY 2.0, via Wikimedia Commons