Male Spending on Valentine's Day Jewelry Set to Rise 4.3%
February 01, 06
With total spending estimated to reach $13.7 billion in the
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While 60.9 percent of consumers plan to celebrate Valentine's Day, the average male will be spending $135.67, almost double the $68.64 that the average female will spend, according to the Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF. On average, consumers will spend $100.89 on the day, up slightly from the 2005 figure of $97.27.
“When it comes to shopping for their special someone on Valentine’s Day, consumers turn to more sentimental gifts,” said Tracy Mullin, NRF president and CEO. “Retailers know that traditional Valentine’s gifts, including candy, cards, jewelry, and flowers will remain holiday favorites and they stock their shelves accordingly.”
This year consumers will dedicate the bulk of their budget their sweetheart, with the average person planning to spend $64.63 on their significant other or spouse. Consumers also plan to spend $20.74 on other family members, $5.06 on friends, $3.52 on children's classmates and teachers, and $2.56 on co-workers. An additional $4.38 will be spent on other people, such as neighbors and babysitters.
Middle-aged consumers will be the most generous this Valentine’s Day, spending more than any other category this year. According to the survey, consumers aged 45-54 will spend $128.78 each, up from $118.11 in 2005 and considerably higher than the $88.96 the group spent in 2004. Young adults 18-24 will spend $81.89 this year, having drastically cut-back their Valentine’s spending the past two years ($83.50 in 2005 and $154.65 in 2004).
The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services.