U.S. Consumers Cautious as Valentine’s Day Approaches

(IDEX Online News) – Cautious U.S. consumers will not be splurging out on Valentine’s Day gifts, according to National Retail Federation (NRF) survey.

The NRF’s 2014 Valentine’s Day spending survey found that 19 percent of those questioned would treat their significant other to jewelry, with spending in that category totaling $3.9 billion

Just over half of those surveyed (54 percent) will celebrate with their loved ones this year, compared to 60 percent in 2013, according to the survey. The average person plans to spend $133.91 on gifts, up slightly from $130.97 last year. Total spending is expected to reach $17.3 billion.

“Valentine’s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets,” said NRF President and CEO Matthew Shay. “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.”

Men will spend $108.38 on gifts for their significant others – twice as much as women who will spend $49.41.

Cautious consumers do their research when it comes to shopping, and many will purchase gifts online. The survey found that 26.1 percent plan to shop online this Valentine’s Day, flat with last year’s 26.3 percent. Many will turn to their tablets or smartphones before making their final gift decisions; 24 percent will research products or compare prices on their smartphones and 32.2 percent will do so on their tablets.

The NRF’s 2014 Valentine’s Day spending survey polled 6,417 consumers from January 2-13.