United States residents are expected to spend $1.7 billion for Valentine’s Day — on their pets in 2020. That’s according to the National Retail Foundation, which says more people are buying Valentine’s Day gifts for their dogs and cats than ever before.
The National Retail Federation and Prosper Insights & Analytics released an annual survey showing that the spending for 2020 is up 32 percent from 2019.
“Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” NRF President and CEO Matthew Shay said in a press statement. “Consumers spent freely during the 2019 winter holidays and they appear ready to do the same in the new year. The same strong employment numbers and higher wages that boosted holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.”
Of course, the big bucks are still spent on human love interests. The NRF expects Americans to spend $27.4 billion this year, up from $20.7 billion in 2019. Of that, 37 percent will be spent on flowers; 34 percent will be dropped on dates; and 21 percent will be used to buy jewelry, according to the foundation.
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