According to the National Retail Federation, 55% of the adult American population is expected to spend an estimated $19.6 billion on Valentine's Day this year, up from $18.2 billion last year. This is more than Black Friday and Cyber Monday combined. On average, each person is expected to spend $143.56, and those aged 25-34 are expected to spend an average of $202.76.
It's still not too late to boost your bottom line with a flash sale or promotion. Your SMS message will also serve as a good reminder for those who forgot about this special day and those looking for last minute gifts.
Here's an infographic summarising the stats: