Average consumer to spend slightly more for Valentine's Day
The average consumer is expected to spend $130.97 on Valentine's Day gifts this year, up slightly from $126.03 last year, according to a survey conducted by BIGinsight on behalf of the National Retail Federation. Total nationwide spending will reach $18.6 billion.
More than half of gift-givers will buy candy — the most popular category. Thirty-six percent will give flowers, nearly 20 percent will give jewelry, 15.6 percent will buy clothing and another 15 percent will buy gift cards for their loved ones.
In typical fashion, men will spend more than women. The average male consumer will shell out $175.61 on jewelry, flowers, an evening out and more; females will spend about $88.78 on average.
“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 Matthew Shay, president of the National Retail Federation. “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.”
The survey polled 5,815 consumers from Jan. 2-9.
From Staff Reports