Record spending this Valentine’s Day could give a boost to specialty retailers, according to the National Retail Federation.

Total spending for the holiday is expected to increase 32% to $27.4 billion compared to 2019’s record level of $20.7 billion. A survey by the trade group found that more people said they would buy presents this year than they did last year, and average per-person spending is also projected to rise, to nearly $200.

“Valentine’s Day is a sentimental tradition, but gift-giving can be driven by the economy,” NRF President and CEO Matthew Shay said in a statement. “The same strong employment numbers and higher wages that boosted [Christmas] holiday sales should make it easier to spend a little extra to say ‘I love you’ this year and to spread the gift-giving beyond just your significant other.”

One of the companies looking to capitalize on the growth is Inc. It expects to deliver about 18.5 million stems for Valentine’s Day, the second biggest floral holiday behind Mother’s Day. Valentine’s sales represent about 3.5% of the company’s total consolidated annual revenue, CEO Chris McCann said in an interview on Bloomberg Radio. Valentine’s Day falling on a Friday this year should also boost demand, he said.

Northcoast Research analyst Tim Vierengel said in an email that flower retailers seem to be taking a more “rational” approach to promotional activity this year, “which should reflect in the bottom line if sales are strong like we expect.”

This article was provided by Bloomberg News.