Valentine’s Day Spending Expected to Dip: NRF
Thanks to the recession, Valentine’s Day affections will likely to be less lavish as consumers are expected to spend less on the holiday this year, according to a recent survey.
People said they would spend an average $102.50 on Valentine’s Day, compared to the $122.98 spend last year, the survey by National Retail Federation, and BIGresearch, said. Total spending will reach $14.7 billion.
This year, people will still buy traditional Valentine’s Day staples, but plan to spend less. More than one-third will buy flowers, similar to last year. Some 16% will buy jewelry, down from 16.6% last year and more people (58%) will send greeting cards, up from 56.8% in 2008. Nearly half of respondents (47%) will go to their favorite restaurant, whereas 10.2% will buy clothing and 11% will buy a gift card or gift certificate.
“A bad economy won’t stop Cupid this Valentine’s Day, but it might slow him down,” said NRF President and CEO Tracy Mullin. “This year more than ever, consumers will look for creative and inexpensive ways to show those they love how much they mean to them.”
Most people (90.8%) will spend the most on their spouse, an average of $67.22. Of consumers, the 35-to 44-year-old age group will spend the most this year, with the average person dropping $11.19. Young adults 18 to 24 will be the second largest spenders with an average of $113.68 per person, followed by 45 to 54 year olds with an average of $108.82 and 55 to 64 year olds spending an average of $83.76.
The survey polled 8,850 consumers from Jan. 1 to Jan. 8.