• by Sarah Mahoney  @mahoney_sarah, February 3, 2016

The National Retail Federation is predicting record spending for the fast-approaching Valentine’s Day holiday, with marketers from Tiffany to Victoria’s Secret to Hallmark Cards angling for a bigger slice of the heart-shaped pie.

The Washington D.C.-based trade association says 54.8% of American adults plan to wear their hearts on their sleeve, spending an average of $146.84. That’s slightly higher than last year’s $142.31, with total spending estimated at a record $19.7 billion.

The NRF attributes the gains to consumer savings on gas money and extra-tempting offers from marketers and retailers. Candy is highest on the list, with 50% of consumers planning total spending of $1.7 billion, followed by a special date at a restaurant or show. And it looks like it may be a banner year for restaurants, with 38.3% planning a big night out, and spend estimated to reach $4.5 billion, the highest since the NRF started tracking gift categories back in 2010. And some 19.9% intend to buy their sweetie something sparkly, with jewelry spending expected to reach $4.4 billion.

Tiffany & Co. sure hopes so, and is inspiring shoppers with its sweet “Love Is…” video.

And of course, many -- 47.9% -- will give a card to someone they love, with spending in that category expected to reach $1.1 billion. Hallmark Cards is using true love stories to win over potential buyers, with a series of videos that show how one card, called “You’re My Person,” is perfect for couples as diverse as the gay dads with a baby, the couple married 40 years, and the two that met as teenage lifeguards.

Clothing is also a popular gift item, and few marketers know that as well as Victoria’s Secret, which just released its football-themed Valentine’s video, featuring sportscaster Erin Andrews as the coach. It’s to promote the new #LoveMeMore Valentine’s collection, including limited-edition lace.