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A report from the National Retail Federation last week showed that U.S. consumers are expected increase their Valentine's Day spending by $8.00 this year.
The survey showed the average price of a heart-felt gift reaching $142.31 this year, while overall spending is expected to come in just under $19 billion.
Traditions Set To Continue
It seems that most Americans will stick to traditions this year by giving their valentines flowers and chocolate. The survey showed that more than half of the 6,375 consumers polled were planning to pick up chocolates and a third were planning to gift flowers.
Companies like Hershey Co (NYSE: HSY) and 1-800-Flowers.Com Inc (NASDAQ: FLWS) are already beginning to roll out ad campaigns and special deals to take advantage of love-struck buyers.
Something Different
Some companies are looking to get in on the action by offering love-themed products in the spirit of the holiday.
Krispy Kreme Doughnuts (NYSE: KKD) is offering heart and kiss (X-shaped) doughnuts for romantics who stop by the store before February 15, while travel companies like Expedia Inc (NASDAQ: EXPE) are pushing last-minute romantic getaways for two.
Furry Friends Feel The Love
Expressions of love won’t be limited to humans this year either. The survey estimated that roughly one in five people would pamper their pets as well.
Animal-lovers are expected to spend about $5.00 on their pets, meaning that around $703 million worth of Valentines Day spending is up-for-grabs for companies like PetSmart, Inc. (NASDAQ: PETM) as consumers snap up heart-shaped treats for their furry friends.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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