Love-sick shoppers plan to splurge, this Valentines Day
29 Jan '08
3 min read
As cupid prepares for his biggest day of the year, consumers are also planning special ways to celebrate with their loved ones. According to the National Retail Federation's 2008 Valentine's Day Consumer Intentions and Actions Survey, conducted by BIGresearch, the average consumer plans to spend $122.98 on Valentine's Day, similar to last year's $119.67. Total spending on Valentine's Day is expected to reach $17.02 billion.*
Traditional gifts, such as candy, flowers and jewelry will see a slight decrease in popularity this year with more consumers preferring gifts of experience and gift cards. Almost half (48.2%) of all consumers plan to celebrate Valentine's Day with a special night out, compared to 45.3 percent last year, and 12.3 percent will give a gift card, compared to 11.3 percent last year.
Greeting cards still remain the most popular choice, though the number of people planning to purchase one is down from last year (56.8% vs. 62.8% last year). Nearly 48.0 percent of consumers will buy candy, 35.9 will buy flowers and 11.8 percent will buy clothing.
“Valentine's Day is a great time to get creative with gift options,” said NRF President and CEO Tracy Mullin. “Most people agree that it's the thought that counts, but shelves will also be filled with traditional gifts for those who want to celebrate the old-fashioned way.”
Six out of ten consumers plan on celebrating this year, and of those celebrating, the majority plan on spending the most on their significant other or spouse ($79.99). The survey also found that consumers plan to spend slightly more on friends ($5.75 vs. $4.93 in 2007), children's classmates and teachers ($4.05 vs. $3.35) and co-workers ($3.02 vs. $2.40) than they did last year.
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