Americans set to spend record $27.5 billion on Valentine's Day gifts

Americans are expected to spend a record $27.5 billion on Valentine's Day this year, according to the National Retail Federation. This amount is an increase from last year's $25.8 billion and surpasses the previous record of $27.4 billion set in 2020. The rise in spending is attributed to more people planning to celebrate the holiday and an increase in gift-giving among friends. Popular purchases include candy, flowers, greeting cards, and dining out. On average, shoppers will spend about $188.81. Additionally, 28% of people who do not celebrate the holiday plan to acknowledge it in some way.