How Much Money Will Be Spent on Valentine's Day in 2023?
Valentine's Day Is a Time to Show Love
Valentine's Day is a special day for couples around the world. It's a day to show love, appreciation, and admiration for one another. For many, it's the perfect excuse to shower their significant other with gifts, flowers, cards, and special treats. But how much money will be spent on Valentine's Day in 2023?
Valentine's Day Spending Is Expected to Increase
According to the National Retail Federation's annual survey, Valentine's Day spending is expected to increase in 2023. In 2018, Americans spent an average of $143.56 on Valentine's Day gifts, cards, and more. This is a 4.1% increase from 2017. In 2019, the average spending was even higher at $162.00.
Valentine's Day Spending Is Expected to Exceed $20 Billion
The National Retail Federation estimates that Americans will spend more than $20 billion on Valentine's Day in 2023. This is up from $18.2 billion in 2018 and $19.6 billion in 2019. This figure includes spending on jewelry, clothing, cards, flowers, and other gifts.
Valentine's Day Spending Is Good for the Economy
Valentine's Day spending is good for the economy. It's estimated that the $20 billion spent on Valentine's Day in 2023 will create more than 250,000 jobs in the retail industry. It's also estimated that 25% of the $20 billion will be spent online, which is good news for e-commerce businesses.
Conclusion
Valentine's Day is a special day for couples around the world. It's a day to show love, appreciation, and admiration for one another. In 2023, Americans are expected to spend more than $20 billion on Valentine's Day gifts, cards, and more. This spending is good for the economy, creating jobs in the retail industry and boosting e-commerce businesses.
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