There’s a lovefest going on: the National Retail Federation (NRF) reports that the 55% of Americans who are planning on buying for their Valentine’s this year will be setting records: Consumers are expected to spend $196.31, up 21% over last year, reaching a record retail spending of 27.4 billion. According to The NRF, this year Valentine’s Day spending will reach a record high due to stronger consumer finances and consumer trends of buying more gifts—not only for our significant others but friends, co-workers, and pets.
All the Feels for Galentine’s Day
But wait … what’s causing consumers to buy more gifts, cards, candy, and flowers? One reason: Galentine’s Day, the unofficial holiday that lands on February 13. Created by the popular TV show Parks and Recreation in 2010, it’s gained more and more popularity over the last decade among women both single and in a relationship who want to celebrate their female friendships.
Smooches for Your Pooches
Even if you don’t plan on spending or celebrating your gal pal, you may be thinking of your pet. They call it puppy love for a reason: The NRF reported that 27% of consumers will purchase products for their pets and spend roughly $12.21 on their fur babies.
Even though our shopping habits are changing; we can expect to see more traditional shopping preferences for this holiday. The majority of shoppers will flock to department stores at 36%, followed by discount stores 31% and finally online shopping at 19%.
Happy Galentine’s/Valentine’s Day! We now have even more days/ways to celebrate.
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