Slight spending increase expected for Valentine’s Day
Consumers are expected to spend slightly more than last year on Valentine’s Day this year, according to a new survey.
The average person is planning to spend about $130 on candy, cards, gifts and more, according to a BIGinsight survey for the National Retail Federation (NRF). Last year consumers spent $126 on average. Total spending is expected to reach $18.6 billion.
“Valentine’s Day remains one of the biggest gift-giving holidays of the year, and although consumers will be conscientious with their spending, it’s great to see that millions of Americans are still looking forward to celebrating with their loved ones,” said NRF CEO Matthew Shay in a press release. “Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this February 14th.”
Half of all gift givers will buy candy, a third will buy flowers, 20 percent will give jewelry and 15 percent will give cards this year, according to the survey. Men on average this year will spend $176, while women are expected to spend about $88.
The survey polled nearly 6,000 people between Jan. 2 and Jan. 9.