According to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics, Valentine’s Day spending is expected to reach $23.9 billion this year — up from $21.8 billion in 2021 and the second-highest year on record.

“Following the historic level of consumer spending over the winter holidays, it appears that the trend will continue into 2022,” NRF President and CEO Matthew Shay said. “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.”

More than half (53%) of U.S. consumers plan to celebrate the holiday in 2022, up from 52% in 2021. More than three-quarters (76%) of those celebrating indicate it is important to do so given the current state of the pandemic.

According to the survey, shoppers expect to spend an average of $175.41 per person on Valentine’s Day gifts, up from $164.76 in 2021. The increase comes as many intend to spend more on significant others or spouses.

Candy (56%), greeting cards (40%) and flowers (37%) remain the most popular gift items this Valentine’s Day.

Nearly a third (31%) of respondents plan to gift an “evening out” this year, up from 24% in 2021 and just slightly below pre-pandemic levels, for a total of $4.3 billion. Almost a quarter (22%) will opt to gift jewelry to a special someone. 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.

Demand for gifts of experience, such as tickets to a concert or sporting event, has also returned to pre-pandemic levels, with 41% saying they would “love to receive a gift of experience,” up from 36% last year.

Online is the most popular shopping destination for Valentine’s Day this year, visited by 41%, followed by department stores at 32%, discount stores at 28%, local small businesses at 18% and florists at 17%.

The survey of 7,728 U.S. adult consumers was conducted Jan. 3-11, 2022, and has a margin of error of plus or minus 1.1 percentage points.

The National Retail Federation advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy.

Prosper Insights & Analytics serves the financial services, marketing technology and retail industries. It provides global authoritative market information on U.S. and China consumers via curated insights and analytics.