February 9, 2023
Study shows love is NOT in the budget this year: Consumers expect to spend less on Valentine’s Day this year
Trustpilot’s latest data suggests nearly two-thirds of consumers could be opting out of Valentine’s Day in 2023, revealing just what they’ll be putting their money towards
February 9, 2023, NEW YORK, USA – Valentine’s Day could be taking a loss this year, as new findings from online reviews platform, Trustpilot, reveals participation in the love-driven holiday is low, with more than 2 in 5 (41%) of Americans choosing not to participate in Valentine’s Day this year, and another 23% are not sure if they will be. Conducted with third-party research firm YouGov, data also shows that of those who are planning to participate in the holiday (36%) and spend money doing so, two-thirds (66%) plan to spend less this year than in previous years due to inflation. In fact, nearly one in three (28%) plan to spend significantly less – 50% or more. And it appears one of the reasons for doing that is the need to conserve cash to spend on basics such as food, energy bills and rent.
Valentine’s spending is stressing people out:
The state of today’s economy has consumers stressed about Valentine’s Day spending. Of those who plan to celebrate this year, more than one third (34%) are stressed about spending. In fact, 1 in 10 stated they are more stressed about the cost of Valentine’s Day than they are about their own job. This has resulted in a shift in spending – of those consumers who plan on celebrating this year but noted spending less or no money at all, the number one item that is being spent on instead is essential items such as gas, rent, groceries, home utility bills or other cost of living essentials (44%). This was followed by savings/investments (13%).
Not all love is lost:
While spending is projected to be down, three industries could come out on top. Of those who plan to spend money celebrating this year, consumers listed the top items they expect to spend on themselves or their significant others this holiday. More than half (52%) plan to spend on an evening out/dinner, nearly half (48%) on candy/gifts and more than one third (36%) on flowers.
Unfortunately travel and luxury spending are taking a backseat this year, with only 23% planning to spend on jewelry and luxury gifts and a mere 15% on future trips/weekend getaways.
“Valentine’s Day has always been a multi-billion dollar industry, and last year alone, record numbers of consumer spending were reported, with expectations for 2023 to outweigh those numbers. Unfortunately, the economy has taken us down a windy path, one of which consumers are just beginning to navigate. This has impacted industries across the board, as consumers begin to tighten their wallets and focus on essential spending,” said Mieke De Schepper, Chief Commercial Officer at Trustpilot. “Online reviews are more important than ever as consumers continue to feel the impact of troubled economic times. They’re essential because they help people make more informed decisions about where to spend their hard earned cash”.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,221 U.S. adults, of which 447 adults will be celebrating Valentine’s Day this year.Fieldwork was undertaken between 19th - 20th January 2023. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).