27% - that’s the number of people predicted to buy gifts for their pets this Valentine’s Day.

Valentine’s Day for pets

If you’re anything like one of the 27% of Americans planning on purchasing their pet a gift this Valentine’s Day, then you’ll be ready to part with more than double what you spent last year.

The results of the National Retail Federation and Prosper Insights & Analytics annual survey are the highest seen in the survey’s history. Just 17% of pet parents purchased gifts for their pets in 2010 for a total of US$1.7 billion.

The share of the Valentine’s Day spend

Most people allocate the majority of their total Valentine’s spend on their spouses or loved ones. However, the share for pets has doubled over the past decade, from 3% to 6% of total spending. This demonstrates the changing perspectives in pet ownership, whereby pets are now taking a more primary role within the family or individual household.

Pet spending is said to average $12.21 this Valentine’s Day, up from $6.94 last year. While this amount doesn’t seem like a lot, other reports suggest many people spend well above this amount. This is particularly the case for singles who live alone and keep at least one pet for a companion.

Gifts for pets usually included plush toys, love heart collars, treats, new outfits, home-baked goods and even date nights.

How-much-will-you-spend-on-your-pet-this-Valentine's-Day

Valentine’s Day spending

This year, individuals are expected to spend an average of $196.31 on their friends and loved ones, including their pets. That’s a whopping total of $27.4 billion this year. That figure was $161.96 per person in 2019, or 21% lower, for a total of $20.7 billion. 10 years ago, it was $1.7 billion.

The reason for the strong anticipated jump has been attributed to solid consumer finances and a broadening array of others consumers are buying for. These include family members, friends, co-workers and pets.

According to the survey, about 55% of all Americans will celebrate Valentine’s Day this year. That figure is up from a low of 51% last year.

What about you? Will you be showering your pet with love this Valentine’s Day?

You might also like to read: Rescue centre PAWS offering dog dinner dates on Valentine’s Day

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