Whereas analysts predicted lovers would spend $18.6 billion on Valentine’s Day last year, 2014 forecasts are less rosy.
Fewer consumers plan to celebrate the holiday this year, pushing spending forecasts down to $17.3 billion, according to the National Retail Federation.
About 54 percent of Americans plan to celebrate Friday, down from 60 percent last year, NRF surveys show. However, those who do plan to celebrate plan to spend more. The average person feeling the love plans to spend about $134 on candy, cards, gifts and dinner, up from $131 last year.
“Valentine”™s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets,” said Matthew Shay, NRF CEO, in a written statement. “This is the one day of the year when millions find a way to show their loved ones they care.”
Over half of all consumers will send cards, just under a half will buy candy and a third will give flowers. About 37 percent will spend the night out on the town, spending an estimated $3.5 billion.
“Consumers can expect Cupid”™s holiday to resemble the promotional holiday season we saw just a few months ago, as retailers recognize that their customers are still looking for the biggest bang for their buck,” Shay said.
