The results are in, and they’re exciting: The latest National Retail Federation survey showed that Valentine’s Day spending reached $23.9 billion this year. That’s an increase of more than $2 billion from 2021 and the second-highest amount on record. Individual spending was also the second highest in the survey’s history at $175.41 per person, up from $164.76 in 2021.
This news is great for the floral industry since spending on flowers continued to be high and well above the 2021 level. Here are a few highlights from the 2022 NRF Valentine’s Day Spending Survey:
Flowers Topped the Gift List for Men
The overall percentage spent on flowers was 37%, up from last year’s 36%. This translates into $2.3 billion spent on flowers, up from $2 billion last year and tied with the highest-ever amount spent in 2020. Flowers topped the gift list for men, with 56% of them spending their Valentine’s Day dollars on flowers over candy, jewelry, an evening out, clothing, or cards. While this is not surprising, it shows that focusing your floral marketing efforts on men can reap big rewards.
Valentine’s Day Celebrations Increased
53% planned to celebrate Valentine’s Day this year, up from 52% last year. And three-quarters of them said that it was important to celebrate given the current state of the pandemic. Of those who didn’t plan to celebrate, 27% said they would still mark the occasion in their own way.
More Planned to Celebrate Out of the House
With restrictions lifted in many places, more people decided to go out and celebrate this year and planned to spend $4.3 billion on those celebrations. 31% of those surveyed said they were planning on spending an evening out, up from 24% in 2021 and just slightly below pre-pandemic levels. Plus, the “spending time out of the house” trend should continue: 41% said they’d love to receive a gift of experience this year, up from 36% last year.
Online Shopping Still the #1 Choice
It’s interesting to note that while many more people planned to go out for Valentine’s Day this year, they continued to shop from the comfort of their homes. 41% of respondents shopped online, followed by 32% in department stores, 28% in discount stores, 18% in local small businesses, and 17% in retail florists. Yet, it’s important to note that a lot of the online shopping would likely have been on flowers. That’s why your online marketing efforts continue to be so vital!
It’s great to see results like this as we continue to move through (and hopefully out of) this pandemic. Here’s to continuing results like these through every floral holiday in 2022 and beyond!