With the cost of living increasing globally, we will see a shift in Valentine’s Day gift giving in 2024.
Consumer stress levels are at an all-time high, not just because of the holidays. With the economy in a state of flux, many consumers are worried about their financial stability and how they will make ends meet.
This anxiety has shifted consumer spending and how they approach their holiday shopping. This means more mindful purchases, environmentally friendly products, and less waste overall.
Read on to discover six significant trends affecting Valentine’s Day gift giving in 2024, so your business can be ahead of the curve.
Valentines Day 2024 market prediction
Valentine’s Day is a worldwide celebration of love recognized by most western countries but becoming increasingly popular in Asia, South America, and Middle Eastern countries.
Spending reached US $23.9 billion this year, up from US $21.8 billion in 2021 and the second-highest year on record. The popularity of this occasion is evidenced by the fact that 79% of US citizens believed it was necessary to celebrate Valentine’s Day post-pandemic, representing a significant increase from 71% in 2021 and 68% in 2020.
Looking to the future, Valentine’s Day 2024 will be about meaningful reconnections. Consumers are keen to find gifts that will have meaning after valentine’s day passes, and so businesses can keep these trends in mind.
6 important Valentine’s Day trends for 2024
As we look into the trends shaping this holiday, it becomes apparent that consumers are seeking more meaningful gifts and shifting who they buy for.
1. Sensual revolution
The global sexual wellness market is predicted to reach US $45 billion by 2026, with a compund annual growth rate (CAGR) of 7.8%. As more and more people become interested in their sexual well-being, they’re finding that gender-neutral packaging and the design of a product is just the beginning.
Consumers are looking for gender-neutral packaging because it’s important that their sexual wellness products don’t make them feel like they have to be a certain way to use them.
This can include anything from the colors used in the design and how their sexuality is portrayed on the packaging (i.e., no images of couples) to the language used on the box (i.e., not gendered).
Curating collections where all gender expression is valued will be an essential trend for consumers in 2024—and beyond.
2. Self-honoring products
Valentine’s Day is no longer only about the outward expression of love; self-love is becoming increasingly recognized and celebrated around the world.
According to a recent survey by WGSN, 26% of US Gen Z and Millennials plan to stay home and treat themselves with self-care products on Valentine’s Day.
This number increases to 38% among single people looking for a significant other.
3. A new era of acceptance
Younger consumers are leading the way in rejecting unrealistic beauty narratives and looking for brands that highlight natural beauty.
This is why many body-positive movements have become popular around Valentine’s Day. The body positive movement has gone viral and is trending on social media with hashtags like the #Bodayhairpositivity gaining 108.7 million views on TikTok.
The hashtag #Acnepositive has also gone viral, with 357.7 million views on TikTok alone.
The gift-giving industry has not yet caught up with these trends, but it is changing quickly. Major brands are launching new lines of makeup and other products focused on natural beauty rather than perfectionistic beauty standards.
4. Revival of grunge
The rise of goth culture and anti-Valentine’s Day trends have allowed businesses to tap into a new market.
The #GothTok hashtag on TikTok has over 583 million views, and it’s not just one video—it’s a whole community of people who are using the platform to share their unique perspectives.
Goth culture celebrates individuality, so businesses should avoid witchy or gimmicky connotations with this trend.
Rather than trying to capitalize on goths’ love for dark themes and horror movies, focus on their appreciation for the arts and creativity.
5. Gifting for the whole family
It’s true: Valentine’s Day is becoming more inclusive.
Americans are increasingly celebrating their family members, as well as their pets, on this special day. Last year, American households spent over US $4.2 billion on family members and US $1.7 billion on their pets for Valentine’s Day. (That’s nearly US $6 billion in total!)
This shift toward celebrating all kinds of love is great news for companies that are looking to expand their reach and appeal to new markets.
6. Mindful gifting
When it comes to gifting, people want to buy and receive products that are good for themselves and for the environment.
In the past, people have focused more on getting as many gifts as possible without considering their value. Now, they’re looking to eliminate excessive waste by purchasing higher-quality items that will last longer and be more useful.
People want to give gifts that will make their loved ones happy and positively impact the environment.
Embrace the evolution of Valentine’s day
Consumers are searching for a more meaningful Valentine’s Day celebration.
As a result, key gifting trends from the past have started to evolve. This opens up many new opportunities for brands and retailers to differentiate themselves on Valentine’s Day up until 2024 and beyond.