This Valentine's Day, shoppers are preparing to open their wallets wider than ever before.

According to a survey by the National Retail Federation (NRF), the average consumer plans to spend approximately $189, marking an increase of about $3 over last year's average.

The NRF predicts that total consumer spending for Valentine's Day will reach a new record of $27.5 billion this year, reflecting a significant investment in love and affection through gifts, experiences, and more.

The most popular gift categories this year include candy (56%), flowers (40%), greeting cards (40%), an evening out (35%), and jewelry (22%).

Across these categories, Americans plan to spend a total of $6.5 billion on jewelry, $5.4 billion on an evening out, $2.9 billion on flowers, $2.5 billion on candy, and $1.4 billion on greeting cards.