NEW YORK (CNN/Money) - Americans are boosting the budget for love by nearly a quarter this Valentine's Day, with the average consumer expected to spend about $100 on cards, candy, flowers and jewelry, according to a report Tuesday.

According to the National Retail Federation's 2004 Valentine's Day Consumer Intentions and Actions Survey, the average amount spent is up 23.3 percent from about $81 last year. Additionally, the report said total spending on Valentine's Day is expected to reach nearly $13 billion.

"From co-workers to classmates, Valentine's Day has become a holiday to express appreciation for a variety of people," NRF President and CEO Tracy Mullin said in a statement. "Valentine's Day has become a very big business for retailers in what is traditionally one of the slowest shopping months of the year."

Greeting cards, candy and flowers are among the most popular gifts this Valentine's Day, the report said. But many couples will also choose to celebrate the day by going out for the evening.

The study also found that young adults show the most enthusiasm for Valentine's Day, with the average 18-24 year old planning to spend almost $155 on the holiday. But spending among 25-34 year olds is estimated to be lower, at about $78.