WASHINGTON -- Love may not cost a thing, but consumers this year are set to spoil their friends, family and loved ones this Valentine's Day in a very big way. The average person who celebrates the holiday is expected to shell out $126.03 this year, up 8.5% over 2011.
Average spending also is the highest in the history of the National Retail Federation's annual Valentine's Day survey. Total spending is expected to reach $17.6 billion.
"As one of the biggest gift-giving holidays of the year, it's encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction," said Matthew Shay, federation president and CEO. "Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates."
Consumers' "better halves" will shell out the most on their partners, with the average person planning to spend $74.12 on their spouse or significant other, up from $68.98 last year. Additionally, consumers will spend and average of $25.25 on their children, parents or other family members and $6.92 on friends. Valentine's Day is a great day for pet owners to show their furry friends just how much they mean: The average person will spend about $4.52 on their pets.
The average male is expected to spend $168.74 on clothing, jewelry, greeting cards and more this year -- nearly twice as much as women who are expected to spend an average of $85.76, the survey found.
In addition to traditional gift ideas, those celebrating the holiday also will put some serious thought into the perfect gift. Some 18.9% will buy jewelry, up from 17.3% last year and the highest percent in the survey's history. Some will give the gift of choice: 13.3% will buy gift cards, up from 12.6% last year. Additionally, 50.5% of all celebrants will buy candy, 36% will buy flowers and 35.6% will treat someone to a nice evening out.
Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year. Second to jewelry, those with a case of the love bug will spend more than $3.5 billion on a special evening out. Consumers will also spend $1.8 billion on flowers, $1.5 billion on candy, $1.4 billion on clothing and $1.1 billion on gift cards.
Though discount stores are expected to see the most traffic (37%), 33.6% of shoppers will head to department stores, up from 30.5% last year. Online retailers will also see a nice boost from the business of love as 19.3% will shop online for gifts this Valentine's Day, up from 18.1% last year. Others will shop at specialty stores (20.2%), floral shop (17.8%), jewelry stores (10.6%) and specialty clothing stores (6.6%).
After honing their mobile and tablet shopping skills this past holiday season, Valentine's Day celebrants are looking to hit their smartphones and tablets once again to research and purchase gifts. According to the survey, 53.8% of all tablet owners will use their device to research products, compare prices, redeem coupons, look up retailer information or purchase products, and 40.4% of smartphone owners will use their mobile device to do the same.
Published by The Business Journal, Youngstown, Ohio.