One in Five US Consumers Plans to Buy Jewelry for Valentine’s DayJanuary 27, 15
(IDEX Online News) – According to the National Retail Federation’s (NRF) Valentine’s Day Consumer Spending Survey, one in five (21.1%) people surveyed plan to buy jewelry for a total of $4.8 billion, the highest amount seen since NRF began tracking spending on Valentine’s gifts in 2010.
The survey, conducted by Prosper Insights and Analytics, reveals that the average person celebrating Valentine’s Day will spend $142.31 on candy, flowers, apparel and more, up from $133.91 last year. Total spending is expected to reach $18.9 billion, a survey high.
“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise - a good sign for consumer sentiment as we head into 2015,” said NRF president and CEO Matthew Shay. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”
Candy tops the list of presents, with 53.2 percent planning on buying something sweet for holiday, spending a total of $1.7 billion, Additionally 37.8 percent will buy flowers, spending a total of $2.1 billion and more than one-third (35.1%) will spend on plans for a special night out, including movies and restaurants, totaling $3.6 billion. Celebrants will also spend nearly $2 billion on clothing and $1.5 billion on gift cards.
The survey found nine in 10 (91%) plan to treat their significant others/spouses to something special for the consumer holiday, with plans to spend an average of $87.94 on them, up from $78.09 last year.
“It’s great to see consumers coming out of their shell this year, looking to spend discretionary budgets on those they love once again, though I fully expect many to continue to look for ways to cut costs where they can,” said Prosper’s principal analyst Pam Goodfellow.
As to exactly who is buying, it seems that this is one day where tradition trumps all. Men will spend nearly double what women plan to spend ($190.53 versus $96.58 on average, respectively.) Additionally, adults 25 to 34 will outspend other age groups at an average of $213.04; 35 to 44 year olds will spend an average of $176.21 and 18 to 24 year olds will spend an average of $168.95.