According to the National Retail Federation (NRF), consumer spending in the U.S. may reach as high as $25.9 billion this year on Valentine’s Day gifts ranging from gold jewellery to clothes to fine chocolates.
Of the nearly $26 billion, roughly 21% is forecast to be spent on jewellery, representing $5.5 billion. Clothing could fetch 19%, or around $5 billion.
Overall, luxury goods retailers could be headed for a strong Valentine’s sales season if estimates prove accurate.
That would make 2023 the second-best year for sales since the NRF began tracking this data.