Valentine’s Day Spending Will Be 11% Up in 2011
According to the National Retail Federation’s “2011 Valentine’s Day Consumer Intentions and Actions Survey,” conducted by BIGresearch, the average consumer is set to boost their Valentine’s Day spending by 11 percent this year.
The average person will spend $116.21 on Valentine’s Day merchandise in 2011, up 11 percent from $103.00 in 2010, according to the NRF. Total spending for the holiday is expected to reach $15.7 billion.
The NRF also notes that the average consumer will spend $68.98 on their spouse or significant other for Valentine’s Day this year, up 8.9 percent from $63.34 last year.
The average person will also spend $5.04 on their pets this year, up 54 percent from $3.27 last year. Meanwhile, consumers are expected to spend $6.30 on their friends for Valentine’s Day this year, $4.97 on classmates and teachers, and $3.41 on co-workers.
Greeting cards will be the most popular gift (52.1 percent), though jewelry will also be popular, as 17.3 percent of consumers plan on buying their loved ones some bling, up from 15.5 percent in 2010.
“Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February,” said Matthew Shay, president and CEO of the NRF.
Overall, consumers are expected to spend $3.5 billion on jewelry this Valentine’s Day, up from $3.0 billion last year. Consumers are also expected to spend $1.6 billion on clothing (up from $1.5 billion last year), $3.5 billion on dining out (up from $3.3 billion last year), $1.7 billion on flowers, $1.5 billion on candy and $1.1 billion on greeting cards.
The NRF also highlights that the average man will spend more than twice as much ($158.71) as the average woman ($75.79) this Valentine’s Day.
Discount stores (36.6 percent) will be the most popular shopping destination, followed by department stores (30.5 percent), specialty stores (19.4 percent), online (18.1 percent), local florists (16.8 percent) and jewelry stores (9.5 percent).
Not surprisingly, adults ages 25-34 will spend an average of $189.97, while adults 65+ will spend an average of $60.22.
According to the eBillme Online Spending Index, 32 percent of consumers plan to do their Valentine’s Day shopping online this year, a 9 percent increase from last year. The company also found that 60 percent of consumers plan to purchase something other than chocolates or flowers this year, 18 percent plan on purchasing a gift card for their Valentine and 47 percent are still unsure about what to buy for the holiday.
Sources:</strong
http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1075
