Love Don’t Cost A Thing? This Year, Valentine’s Day Spending To Top $17.3 Billion
Don’t expect an extravagant Valentine’s Day. With budgets tight and Americans’ fondness for not spending very much on dating, consumers aren’t expected to part with a lot of cash for Valentine’s Day gifts this year. But it won’t be all bad, according to the National Retail Federation.
And while a survey conducted by the NRF found that just 54 percent of consumers will celebrate Valentine’s Day, the average shopper spending $133.91 on candy, cards, gifts dinner and other gift ideas, which is up slightly from 2013, reports The Herald Tribune.
In all, Americans will spend $17.3 billion on the romantic holiday.
“Valentine’s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets. This is the one day of the year when millions find a way to show their loved ones they care,” said Matthew Shay, president and CEO of the NRF. “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.”
Candy and greeting cards will be the most purchased items, although 37 percent of consumers said they will buy flowers. “Only 19 percent will buy jewelry, which is expected to account for $3.9 billion in sales on Valentine’s Day. The jewelry sector saw some of the strongest gains during the 2013 holiday season,” reports the newspaper.
Restaurants will be busy as they expect $3.5 billion in sales with 37 percent of people dining to celebrate February 14th.
Men spend twice as much as women on the day, doling out $108.38 on gifts while women who will spend $49.41. And not to be left out, according to NRF, 19.4 percent of Americans will buy Valentine’s Day gifts for pets, spending an average of $5.51.