FOR IMMEDIATE RELEASE February 8, 2023
Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org
Valentine’s Day Spending to Surpass $250 Million Statewide Per-Person Spending Levels Reach Second Highest of All-Time In preparation for Valentine’s Day next week, local retailers in the Silver State have stocked up on chocolates, diamonds and roses to help consumers pamper loved ones this holiday. According to estimates by the Retail Association of Nevada (RAN), roughly 52 percent of adults in the Nevada are expected to celebrate the holiday this year, spending over $250 million. The latest estimates are based on a recent survey by the National Retail Federation (NRF), which found that adults across the United States plan to spend a total of $25.9 billion this Valentine’s Day. Average spending per person is expected to rise to $192.80, a 9.9 percent increase from 2022. “Nevada retailers are expecting the trend of high consumer spending to continue for Valentine’s Day 2023,” said Bryan Wachter, Senior Vice President of RAN. “With interest rates continuing to rise and Nevada's low unemployment rate, it is too early to predict if these spending projections are indicative of another strong spring and summer season.” Candy was once again the most popular gift for Valentine’s Day, with 57 percent of respondents indicating they would be purchasing sugary sweets. Greeting cards came in as the second-most popular gift this year with 40 percent of consumers planning to purchase. Additionally, 37 percent of respondents indicated they would purchase flowers, while 32 www.RANNV.org
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percent of respondents said they would enjoy an evening out. In terms of the money spent on specific groups, spending for a significant other was the most expensive group with $100.25 being spent per person. Celebrants also will spend $30.51 for other relatives and $15.32 for friends. Other groups receiving gifts include children’s classmates and teachers, who are projected to have $14.15 spent on them, pets ($12.80) and co-workers ($10.38). According to the NRF, online shopping was once again the most popular shopping destination, with 35 percent of respondents indicating that they would do so. Department stores shot up in popularity this year and are the second-most popular option with 34 percent of respondents indicating that they would be shopping there. Other popular shopping destinations include discount stores with 31 percent of shoppers, specialty stores (18 percent), small or local businesses (17 percent), florists (16 percent), jewelry stores (13 percent), specialty clothing stores (11 percent) and catalogs (2 percent).
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