Consumers Shower Love on Their Valentines But Watch Budgets
WASHINGTON -- On the heels of a healthy yet modest holiday shopping season, consumers remain cautious and not quite ready to splurge on Valentine’s Day this year, the National Retail Federation finds. On average, per-person spending on candy, cards, gifts, dinner and more will be $133.91, up slightly from $130.97 last year.
Total spending is expected to reach $17.3 billion and 54% of Americans will celebrate with their loved ones this year, the federation says.
“Valentine’s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets," said Matthew Shay, president of thefederation, in a prepared statement. "This is the one day of the year when millions find a way to show their loved ones they care. 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.”
Nearly half (48.7%) will buy candy, 37.3% flowers and 51.2% will send greeting cards. Some 19% will treat their significant other to something sparkly -- jewelry spending will total $3.9 billion -- and 37% will celebrate with an evening out, spending a projected $3.5 billion. Others will give more practical gifts such as clothing (15.8%) or gift cards (14%).
Men will spend $108.38 on gifts for their significant others -- twice as much as women, who will spend $49.41 on their special someones. But Valentine’s Day isn’t just for couples; people will show their appreciation for family members (59.4%) friends (21.7%) teachers (20.4%) and colleagues (12.1%). And like every holiday, Americans won’t forget their pets; 19.4 percent will buy gifts for their furry friends, spending an average of $5.51.
Published by The Business Journal, Youngstown, Ohio.
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