Record Valentine's Day spending expected in Kentucky
FRANKFORT, Ky. (FOX 56) — Never say, 'Love doesn't cost a thing.' That's because this year Americans are shelling out big bucks for Valentine's Day.
The Kentucky Retail Federation (KRF) said love will drive America's pounding hearts to spend a record $27.5 billion on Valentine's Day this year. That's up from last year's $25.8 billion and would top the 2020 record of $27.4 billion.
This year, the average shopper is expected to spend $189 on Valentine's Day gifts. On top of that, the merchant payments coalition warns consumers should be aware of rising swipe fees on credit and debit cards. Credit card companies are expected to charge shoppers over $600 million in hidden costs.
Experts said the average swipe fee will cost people $4.27, which is about the cost of a standard Valentine's Day greeting card.
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'A lot of focus is paid on those swipe fees because, you know, these are of day periods of time where people are shopping, and for retailers, those swipe fees are the second biggest cost that they have next to labor. So, it is a concern,' said Steve McClain, director of communications and public relations with KRF.
Retailers said since the pandemic swipe fees have risen 50%, reaching a record $172 billion.It's one of the many reasons more people are expected to use cash this Valentine's Day.
Tomorrow thousands of people will celebrate Valentine's Day with chocolates, flowers, and cards.
This year consumers are expected to set a new Valentine's Day spending record, and what people are shopping for won't surprise you. The KRF said candy, flowers, greeting cards, a nice dinner in a restaurant, and jewelry are the top 5 gifts.
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When you break down the numbers, 56% of people will buy candy, 40% will opt for flowers and a card, 35% on an evening out, and 22% on jewelry. In keeping with recent trends, consumers listed online shopping as their top shopping destination, with 38% of people choosing to do their shopping from home.
McClain said while millennials will spend the holiday with more experience-based gifts like going to see a movie, Gen Z will stick to the more traditional gifts.
'Your younger generation, they've got student debt; housing costs are higher. So instead of doing say a weekend away, they are doing your traditional gifts, your candy, your flowers, maybe fixing dinner,' said McClain.
The KRF predicts half of Americans will celebrate Valentine's Day, and more men will be participating this year than last year. For those not focused on a significant other, 28% still plan to celebrate it, like doing something special for themselves or getting together with other friends and family.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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