The Average U.S. Consumer Will Spend $126.03 on Valentine’s Day This Year

According to the National Retail Federation (NRF), the average U.S. consumer will spent more than $126 on Valentine’s Day this year, the highest mark in the “Valentine’s Day Consumer Intentions and Actions” survey’s 10-year history.

The NRF and BIGinsight found that the average person celebrating Valentine’s Day will dole out $126.03 on the holiday this year, up 8.5 percent from last year’s $116.21. Total spending for the holiday is projected to reach $17.6 billion.

The average consumer will spend $74.12 on their spouse or significant other this year, up from $68.98 last year. Consumers will also spend an average of $25.25 on their children, parents or other family members, and $6.92 on friends. Pets can expect an average of $4.52 to be lavished on them by their owners this Valentine’s Day.

The average male is expected to spend $168.74 on clothing, jewelry, greeting cards and other items this year, almost twice the $85.76 women are expected to spend.

Regarding the types of gifts to be purchased, 18.9 percent will buy jewelry and 13.3 percent will buy gift cards. Meanwhile, 50.5 percent will buy candy, 36.0 percent will buy flowers and 35.6 percent will treat someone to a nice evening out.

Jewelry will receive the most total spending, with $4.1 billion. It will be followed by a special night out with $3.5 billion. Flowers will receive $1.8 billion in spending, candy will receive $1.5 billion, clothing will receive $1.4 billion and gift cards will receive $1.1 billion.

Discount stores will see the most Valentine’s Day shopping traffic, with 37.0 percent of respondents saying they’ll head to those destinations. Department stores followed with 33.6 percent, while online retailers got a 19.3 percent response. Specialty stores got a 20.2 percent response, while floral shops got a 17.8 percent response, jewelry stores a 10.6 percent response and specialty clothing stores a 6.6 percent response.

NRF also found that 53.8 percent of tablet owners will use their device to research products, compare prices, redeem coupons, look up retailer information or purchase products. Meanwhile, 40.4 percent of smartphone owners will do the same with their devices.

“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, president and CEO of NRF.

According to The Retail Email Blog, nearly 30 percent of retail emails mentioned Valentine’s Day during the week ending Feb. 3.

Sources:

http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1304

http://www.retailemailblog.com/2012/02/week-end-trends-email-volume-growth-on.html