Valentine’s Day to Sparks Record-Breaking Jewelry Spending in the US

According to a recent survey by the National Retail Federation (NRF), US consumers are projected to set a new record by spending $6.4 billion on jewelry this Valentine’s Day – a 14% increase from last year’s anticipated expenditure of $5.5 billion.


The survey, conducted in collaboration with data insights company Prosper Insights & Analytics, revealed that over half of the population (53%) plans to celebrate the romantic occasion. 22% expressed their intention to purchase jewelry for their loved ones.


Popular Valentine’s Day gifts include candy (57%), greeting cards (40%), flowers (39%), and an evening out (32%). The average spending per US adult is expected to reach $185.81, representing an increase of nearly $8 compared to the average spending recorded over the past five years.


Phil Rist, the Executive Vice President of Strategy at Prosper Insights & Analytics, said: “While shoppers may be spending the most on jewelry, overall, the most popular gifts are the classics – candy and greeting cards. We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”


BRON: Israeli Diamond News 7-2-2024