Valentine’s Day spending on significant others is expected to hit a record $14.2 billion this year
If you're one of the millions of consumers joyfully sharing your lives with someone right now, the National Retail Federation thinks you're really going to show it this Valentine's Day.
If you're one of the millions of consumers joyfully sharing your lives with someone right now, the National Retail Federation thinks you're really going to show it this Valentine's Day.
The organization projects total spending on significant others is set to reach a record $14.2 billion this year.
And while inflation has affected a host of categories across the economy in recent years, the projected higher spending is not necessarily the result of higher prices.
Instead, American consumers are reprioritizing how they are spending and whom they are spending on.
In years past, shoppers may have also purchased Valentine's Day gifts to commemorate platonic relationships with their children's teachers or close friends, but they are less likely to do that this time around, according to the National Retail Federation.
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