In this first-pandemic Valentine’s Day, the NRF predicts spending to decline by 20%, and only reach $21.8 billion after breaking records last year at $27.4 billion, right before Covid hit. If NRF’s forecast proves true, Valentine’s Day spending will top that from 2019, but not by much.
A significant drop in people’s plans to go out for the evening is behind much of the decline in spending. The average expenditures on Valentine’s Day this year will drop $32, from $196 last year to $165 this.
And that’s the reason why Chris McCann, CEO of 1-800-Flowers , believes his company will enjoy the biggest Valentine’s Day in its history.
“If there’s anything we’ve learned throughout the pandemic, it’s the need for human connection to express ourselves and life’s everyday moments. For a company whose vision is to inspire expression, connection and celebration, we are well positioned in front of these trends,” he continues.