Love is in the air, and wallets are opening wider than ever as Valentine’s Day readies to embrace its traditional romantic allure. According to the latest annual survey from the National Retail Federation (NRF) and Prosper Insights & Analytics, spending on significant others during the holiday is set to soar to an all-time high of $14.2 billion across all categories.

The survey highlights jewellery as one of the leading choices, with an estimated $6.4 billion expected to be spent on shimmering tokens of affection. Additionally, spending records are poised to be shattered in categories like flowers, clothing, and evenings out.

“Retailers are ready to assist customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.”

The top gifts include candy (57%), greeting cards (40%), flowers (39%), an evening out (32%), jewellery (22%), clothing (21%), and gift cards (19%). New spending records are expected for jewellery ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion), and an evening out ($4.9 billion).

More than half of consumers (53%) are planning to partake in Valentine’s Day festivities, consistent with last year's figures. In total, consumers are projected to splurge a staggering $25.8 billion, matching last year's expenditure and marking the third-highest spending spree in the survey’s history. Notably, the 25-34 age group leads the charge, with 62% planning to celebrate the occasion. On average, consumers anticipate spending $185.81, a notable increase from the average spending observed over the past five years.

While acknowledging the importance of non-romantic relationships, this year sees consumers prioritizing gifts for their significant others over other connections. Online platforms remain the preferred shopping destination for Valentine’s Day gifts, accounting for 40% of purchases, followed by department stores, discount stores, and florists.

“While shoppers may be spending the most on jewellery, overall, the most popular gifts are the classics – candy and greeting cards,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “We’re also seeing continued interest in gifts of experience with about one-third of consumers planning to give a gift of experience this year.”