NRF Says Consumers Will Spend $18.2 Billion on Valentine’s Day
WASHINGTON–(BUSINESS WIRE)–#NRFNews–After a decade-long increase, Valentine’s Day spending is expected to
finally see a market correction this year, according to the annual
survey released today by the National Retail Federation and Prosper
Insights & Analytics.
U.S. consumers are expected to spend an average $136.57, down from last
year’s record-high $146.84. Total spending is expected to reach $18.2
billion, down from $19.7 billion last year, which was also a record.
“Valentine’s Day continues to be a popular gift-giving occasion even if
consumers are being more frugal this year,” NRF President and CEO
Matthew Shay said. “This is one day of the year when millions find a way
to show their loved ones they care regardless of their budget. Consumers
will find that retailers recognize that their customers are looking for
the best deals and will offer good bargains just as they did during the
holiday season.”
Starting at an average $119.67 for a total of $16.9 billion in 2007,
Valentine’s spending grew most years over the past decade before hitting
last year’s record. But the number of people surveyed who plan to
celebrate the holiday has dropped by nearly 10 percentage points over
the same period from 63 percent in 2007 to 54 percent this year.
This year’s survey found consumers plan to spend an average $85.21 on
their significant other/spouse, $26.59 on other family members such as
children or parents, $6.56 on children’s classmates/teachers, $6.51 on
friends, $4.27 on co-workers, and $4.44 on pets.
Consumers plan to spend $4.3 billion on jewelry (given by 19 percent of
shoppers), $3.8 billion on an evening out (37 percent), $2 billion on
flowers (35 percent), $1.9 billion on clothing (19 percent), $1.7
billion on candy (50 percent), $1.4 billion on gift cards/gift
certificates (16 percent) and $1 billion on greeting cards (47 percent).
Also popular this year are “gifts of experience” such as tickets to a
concert or sporting event, a gym membership or an outdoor adventure.
While 40 percent of consumers want an experience gift, only 24 percent
plan to give one.
Consumers plan to shop at department stores (35 percent), discount
stores (32 percent), online (27 percent), specialty stores (18 percent),
florists (18 percent), and local small businesses (15 percent).
“While fewer are planning to celebrate Valentine’s Day this year,
millions of shoppers will still make room in their budgets to spoil
their loved ones,” Prosper Principal Analyst Pam Goodfellow said.
“Consumers can expect promotions on everything from flowers to
date-night dinner packages in the coming days, leaving plenty of ideas
for those looking to spoil their Valentines.”
The survey, which asked 7,591 consumers about their Valentine’s Day
plans, was conducted January 4-11 and has a margin of error of plus or
minus 1.1 percentage points. Full data results will not be published on
NRF.com but news media and analysts who require additional information
can contact press@nrf.com.
About Prosper Insights & Analytics
Prosper Insights & Analytics delivers executives timely,
consumer-centric insights from multiple sources. As a comprehensive
resource of information, Prosper represents the voice of the consumer
and provides knowledge to marketers regarding consumer views on the
economy, personal finance, retail, lifestyle, media and domestic and
world issues. www.ProsperDiscovery.com
About NRF
NRF is the world’s largest retail trade association, representing
discount and department stores, home goods and specialty stores, Main
Street merchants, grocers, wholesalers, chain restaurants and Internet
retailers from the United States and more than 45 countries. Retail is
the nation’s largest private sector employer, supporting one in four
U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to
annual GDP, retail is a daily barometer for the nation’s economy.
Contacts
National Retail Federation
Ana Serafin Smith, 855-NRF-PRESS
press@nrf.com
