Valentine's Day Spending Going to the Dogs - and Cats

Valentine’s Day Spending on Pets

Consumer spending has declined in recent months. However, Americans will shell out a near-record $25.9 billion this Valentine’s Day. Much of that will go to those they prefer to cuddle and sleep with – their pets.

According to the National Retail Federation (NRF), overall Valentine’s Day spending is expected to exceed last year’s mark by $2 billion ($25.9 billion in 2023 / $23.9 billion in 2022).

On average, 52 percent of consumers celebrating the holiday plan to spend $192.80. That would be the second-highest spending rate since the NRF began keeping track in 2004. In 2022, the average expenditure was $175.41.

Heavy Petting

Gifts for pets and non-family members account for $14 of the extra $17 per person increase in spending this year, says the NRF.

Pet purchases are one of the fastest-growing areas of Valentine’s Day spending. In the decade from 2010 to 2020, those purchasing gifts for pets grew from 17 percent to 27 percent. That translates into an increase from $450 million dollars spent to $1.7 billion, according to the NRF.

It is no wonder pet spending on Valentine’s Day is increasing. According to a survey commissioned last year by Lovesac, 61 percent of pet owners would rather cuddle on the couch or sleep with their pets than their significant other.

Growing Market

With 90.5 million American households (two out of three) owning at least one pet, expenditures for animals are growing.

According to research by the American Pet Products Association (APPA), spending on pets grew $20 billion from 2020 ($103.6 billion) to 2021 ($123.6 billion). That is a 17 percent increase over the prior year and a 30 percent jump from 2018.

Dog owners spend about a third more than cat owners each year, $1,480 to $902, reports the APPA.

Party Time

With the rise in pet ownership, many ventures are planning Valentine’s activities.

Bayside Pet Resort, Osprey, FL offers boarding for dogs and cats as well as dog grooming and training. It is planning a photoshoot for its clients.

“We dress them up and take a picture,” says Ali Bottorff, pet pal at Bayside. “We also make special healthy treats for holidays.”

In Chicago, IL, Park and Field, an event center, restaurant, and bar, is hosting a Doggie Valentine Party on the 9th. In addition to prizes, the event will feature a kissing booth.

Gift Options

Perhaps your pet is not a party animal. You can still give him/her a special gift. While toys and treats are the classic go-to’s for special occasions, here are some more unique offerings:

Game of Thrones cat bed. A cat on a throne. That is all you need to know.
Inflatable water plank. This device helps dogs get out of the water and attaches to boats, docks, and swimming pools.
Dog DNA test kit. Now, in addition to answering the question, “who’s a good boy?”, your pooch will be able to answer the question, “who’s your daddy?”.
Cat toothpaste. Brushing your cat’s teeth – not only fun for your cat, but fun for you.

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Max Erkiletian

Max K. Erkiletian is a seasoned journalist and analytical reporter with nearly 40 years of experience. He has been nominated for several honors and was part of a team that won the Missouri Press Association’s Community Service Award.

His experience has included covering a wide range of topics, from crime reporting to politics and music. His interview subjects have included U.S. Senators, such as Tom Eagleton; economists, such as Arthur Laffer; former Fed Chair Paul Volcker; and musicians, such as Muddy Waters and B. B. King.

Today, he focuses on personal finance, consumer protection, economic shifts, and investment trends. His reporting aims to make complex issues understood and show how events impact consumers’ wallets.