Call it sentimentality or an urge to splurge, but jewelers and the National Retail Federation agree: Valentine’s Day and its sibling Galentine’s Day are going to be top-selling holidays as consumers pick up gifts for themselves and loved ones.
On Monday, the National Retail Federation (NRF) reported that it expects Valentine’s Day spending to reach $23.9 billion this holiday, an increase from $21.8 billion in 2021 and the second highest reported year on record. The NRF prepared this forecast with partner Prosper Insights & Analytics.
The NRF found about 53% of U.S. consumers plan to celebrate the holiday this year, and more than three-quarters of those who say they are doing so said it is important given the current state of the pandemic. The survey also found shoppers said they will spend $175.41 per person on gifts, an increase that will go toward spouses or significant others.
The Washington, D.C.–based trade organization also said almost a quarter (22%) will opt to gift jewelry to spouse or significant other. Total spending on jewelry is estimated at $6.2 billion, up from $4.1 billion in 2021 and the highest in the survey’s history. Other popular gifts are candy (56%), greeting cards (40%), and an evening out (31%).
“Valentine’s Day is a special occasion for many Americans, even more so as we navigate out of the pandemic, and retailers are prepared to help them mark the holiday in a memorable and meaningful way,” NRF president and CEO Matthew Shay said in a statement.
The desire to treat those your love is why more people are buying jewelry this Valentine’s Day, something that has been constant for as long as the holiday has existed, says Ariana Rabbani, whose family jewelry business taught her how to craft fine jewelry for her eponymous brand today.
“The No. 1 thing we’re seeing in jewelry is an uptick in buying because people are more sentimental,” Rabbani says. “They’re holding onto their loved ones. The past two years have been so unstable. There’s more desire for unity and sincerity. People really want to show their love, and jewelry is the perfect way.”
Rabbani says her clients also are feeling more job security, they generally feel happier now than in 2020, and they want investment jewelry pieces. Wives are buying smaller pieces for themselves, but husbands are going grander this Valentine’s Day with items such as $5,000 diamond tennis bracelets, she says.
Galentine’s Day may not have been a part of the NRF survey, but jewelers are planning get-togethers and special marketing promotions around the Feb. 13 event. Galentine’s Day is a relatively new holiday that was made popular by television show Parks and Recreation that celebrates female friendships and gift giving to those you love.
Detroit-based Rebel Nell is holding its Galentine’s Day event on Feb. 12 at its Novi retail location at Twelve Oaks Mall. The event will feature sweet treats, champagne, and an aura reading and photo experience.
“We’ve all had a rough winter already, so some self-pampering and fun is important. We thought that an aura reading paired with an aura photo and a bracelet to match your aura were a mindful and informed way to spend Galentine’s Day,” says Rebel Nell cofounder Amy Peterson. “The matching aura bracelet will be a welcome reminder of your spiritual mindset on this day, surrounded by warmth and friends.”
Top: Ariana Rabbani says couples are buying more jewelry for each another as a way to show their love because of the tough times they’ve shared over the past two years. Her Love Band with micro pavé diamonds is one of her signature gift-giving items, $1,975 (all photos courtesy of Ariana Rabbani).
Follow me on Instagram and Twitter
Follow JCK on Instagram: @jckmagazineFollow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine
