U.S. consumers love chocolate on Valentine’s Day
U.S. consumers are expected to spend an average $143.56 on Valentine’s Day as 55% of the population celebrates this year, an increase from last year’s $136.57, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
U.S. consumers are expected to spend an average $143.56 on Valentine’s Day as 55% of the population celebrates this year, an increase from last year’s $136.57, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. Additionally, more consumers plan on purchasing candy this year, with 55% (up from 50%) saying they will give gifts of candy for a total of $1.8 billion.
This may explain why—at least in terms of dollar sales—Valentine’s Day is the third biggest holiday/season for the $22 billion U.S. chocolate candy industry, according market research firm Packaged Facts in the recent report “U.S. Food Market Outlook 2018.” Packaged Facts estimates that holiday/seasonal chocolates account for 24% of all sales in the U.S. chocolate candy market. Valentine’s Day with its heart-shaped boxes trails only Easter and Christmas in terms of market share, and scares up a victory over Halloween, which came in fourth.
“In America, the chocolate market enjoys incredible mass appeal, attracting everyone from high-end chocolate connoisseurs to the proverbial kids in a candy store to the amorous crowd purchasing sweets for their sweethearts or even themselves during Valentine's Day,” said David Sprinkle, research director for Packaged Facts.