ALBAWABA - This year, the spirit of love seems to have transcended mere sentiment, strongly impacting consumer spending. Estimates indicate that Americans are poised to inject approximately $29.1 billion into the market to celebrate Valentine's Day, a figure among the highest in the holiday's history, according to the National Retail Federation.
According to a report published by TalkBusiness, 65 percent of American households plan to celebrate the occasion, with an average expenditure of $199.78 per person on gifts, dinners, greeting cards, restaurants, jewelry, and chocolates.
Katherine Collin, the federation's vice president for industry and consumer affairs, noted that Valentine's Day is a pivotal occasion for many Americans. This year's record spending reflects an expansion of gift lists to include additional categories such as friends, colleagues, and even pets, particularly among middle- and upper-income earners.
Romantic partners are expected to account for the largest share of spending, totaling an estimated $14.5 billion, as 83 percent of revelers plan to buy gifts for their spouses or partners, while 58 percent intend to buy gifts for children, parents, or siblings, totaling $4.5 billion.
