On this Valentine’s Day, insights from payments data show that Americans will continue to increase their day of love spending on experiences, according to an analysis from ETA member Mastercard. According to Mastercard SpendingPulse, which provides overall retail spending trends across all payment types, including cash and check, experiential purchases – restaurants and hotels – is set experience solid growth this Valentine’s Day.
For restaurants, retail sales could increase 5.4 percent to $15.3 billion today, Mastercard predicts. For hotels, sales could jump nearly ten percent year-over-year, reaching $1.4 billion.
Unlikely to feel the love tonight are more traditional Valentine gifts, the report said. Jewelry sales are expected to decrease this year to $1.1 billion, despite a 2018 Valentine’s Day performance that surged over 25 percent higher than 2017. Overall luxury sales are likely to be flat, Mastercard predicts, generated $250 million and falling just .4 percent.
Data from the National Retail Federation’s (NRF) Valentine’s Day Spending Survey predicts that consumers will spend $162 per person on average on Valentine’s Day in 2019, up from $144 in 2018. Despite the higher average spend, NRF data suggests a downward trend in participation in the holiday – 51 percent of Americans plan to celebrate the holiday in 2019, down from 55 percent last year and from a high of 63 percent in 2007.
Significant others aren’t always the focus of Valentine’s Day spending, the NRF survey found. Gifts for pets continue to be popular, the NRF report says – 20 percent of consumers will buy a present for the pets, totaling $886 million and dwarfing 2008’s $519 million. And 11 percent of Americans plan on treating themselves to gifts like clothing and jewelry; just under 10 percent plan to get together with other single friends and family.