There's another great holiday for your business coming up. Are you ready for Valentine's Day? Do you have your displays up? Have you planned a special menu for your customers? Are your gift cards prominently featured? If you answered yes to any of these questions, here is the good news.
Consumers are expected to spend $25.9 billion on Valentine's Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.
More than half (52%) of consumers plan to spend an average of $192.80. This is up from $175.41 in 2022 and the second-highest figure since NRF and Prosper started tracking Valentine's Day spending in 2004.
While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives. Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends, co-workers, and classmates or teachers.
Those aged 35 to 44 plan to outspend other age groups, setting aside $335.71 on average for gifts and other Valentine's Day items, approximately $142.91 more than the average consumer celebrating the holiday.
Similar to recent years, the top shopping destination to purchase Valentine's Day gifts is online (35%), closely followed by department stores (34%), discount stores (31%), and specialty stores (18%).
The top gifts include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewelry (21%), gift cards (20%), and clothing (19%). Americans plan to spend more than $5.5 billion on jewelry and nearly $4.4 billion on a special evening out. About one-third (32%) plan to give a gift of experience (allows the recipient to have an experience, such as skydiving, kayaking, race car driving, or touring a vineyard), up from 26% last year and the highest since NRF and Prosper started asking this question in 2017.
It's never too late to give your business the best Valentine's gift – a merchant cash advance (MCA) from Quikstone Capital Solutions. Quikstone's MCAs can be used for just about any business improvement – buying new equipment, expanding or remodeling, adding digital technologies like self-ordering kiosks, hiring additional staff, or preparing your business for the next big holiday event.
If you accept credit cards, you could qualify for up to $250,000. There's an easy one-page application. No hidden fees or collateral is needed. Just fill out this simple form, and we'll be happy to provide you with more information or answer any questions you might have.
Quikstone has an A+ rating with the Better Business Bureau, and over 80% of our merchants come back for additional funding.
Since 2005, Quikstone has helped thousands of merchants with millions of dollars to grow their restaurants. Remember, Quikstone Capital Solutions is here to help your business succeed!
