Valentine’s Day is just around the corner. And this year, according to the National Retail Federation (NRF), the holiday’s spending is expected to exceed $27 billion. That’s a 32 percent growth compared to last year.
The surge in Valentine’s day spending is likely a result of the strong economy—which has pushed consumer confidence through the roof. According to the latest Gallup poll, Americans have record high optimism about their personal finances. Candy stores and flower shops are certainly welcoming the economic environment this year!
More specifically, the average individual is planning to spend nearly $200 for Valentine’s Day. And 15 percent are expected to shop at a local small business for their special someone.
So as you enjoy Valentine’s Day, remember the economy is one reason your significant other may feel a little extra special this year.