Valentine’s Day could loom large in the lives of the nation’s dogs, cats, or furred, feathered and finned family members.
Americans are projected to spend $1.3 billion on Valentine’s Day gifts for their pets according to the National Retail Federation. This is more than they will spend on co-workers, who warrant $1.1 billion in spending, and on right on par with teachers and classmates ($1.4 billion ) and friends ($1.6 billion).
In total, Valentine’s Day spending is expected to hit $21.8 million according to the industry group — down $5.6 billion from the record-breaking $27.4 billion the nation shelled out in 2020.
A new survey conducted by the retail group said that 52% of U.S. adults planned to celebrate on Sunday — and three-fourths of that group said that the COVID-19 pandemic has directly influenced their plans. Less than a quarter of them will dine out, the lowest number in history, the group said.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” said Matthew Shay, president and CEO of the National Retail Federation.
“However, there remains a special significance around Valentine’s Day, and consumers are committed to celebrating friends and loved ones, even if that means having to alter those traditional holiday celebrations,” he said.
The organization’s poll found that 73% of consumers celebrating Valentine’s Day this year “feel it is important to do so given the current state of the pandemic.”
The survey of 7,882 adult consumers was conducted January 4-12 and has a margin of error of plus or minus 1.1 percentage points.