Valentine's Day spending in the US is estimated to reach $23.9 billion this year, to mark the second-highest level on record, according to the National Retail Federation (NRF).
The amount is a 9.6% increase from $21.8 billion the previous year, while the record spending came at $27.4 billion in 2020 just before the beginning of the coronavirus pandemic.
US consumers are expected to spend an average of $175.41 per person on gifts on this year's special day, which is up 6.4% from $164.76 in 2021.
The gain in expenditure comes as many consumers are planning to spend more on their significant others or spouses.
Around 53% of Americans plan to celebrate Valentine's Day this year, while 76% of those celebrating say that it is important to do it given the pandemic.
An evening out with a romantic dinner this year is forecast to total $4.3 billion for lovers, up 24% from previous year, but still below pre-pandemic levels.
However, expenditure on gifts of experience, such as tickets to a concert or sporting event, has returned to pre-pandemic levels. Around 41% of Americans would choose to give such gifts this year, up from 36% in 2021.
While 22% of the couples will choose to gift jewelry to their significant others, total spending on jewelry is estimated to come at $6.2 billion, up from $4.1 billion in 2021 and the highest in history.
Other popular gift items on this year's Valentine's Day for consumers are expected to be candy with 56%, greeting cards at 40%, and flowers with 37%.
US consumers opt for online shopping mostly to purchase their Valentine's Day items with 41%. It is followed by department stores at 32%, discount stores at 28%, local small businesses at 18%, and florists at 17%.
