Shoppers to be More Practical and Frugal this Valentine’s Day
February 02, 10
Valentine's Day Shoppers
will skip out on jewelry
this year in favor of more
practical items
More people indicated they will chose sweaters, winter accessories and other clothing options in place of jewelry when shopping for Valentine’s Day gifts this year, according to a survey released by the National Retail Federation (NRF) this week. 14.4 percent of consumers said they will choose personal and practical gifts, compared to 10.2 percent in 2009, while 15.5 percent will choose jewelry, compared to 16 percent last year.
A greater number of consumers indicated they’ll opt for or an evening out (35.6 percent vs. 47.0 percent in 2009), over jewelry as well, according to NRF’s 2010 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch.
“The economy has forced consumers to rethink their gift giving practices,” said Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch. “Personal and unique gifts will speak volumes this Valentine's Day as consumers dig deep into their hearts and not their wallets."
Couples will be cutting back on their Valentine’s Day gifts this year as well. Couples will spend an average of $63.34 on gifts for their significant other or spouse, compared to $67.22 last year. The average person will shell out $103.00 on traditional Valentine’s Day merchandise this year, similar to last year’s $102.50.
Total Valentine’s Day spending is expected to reach $14.1 billion, the NRF reported, with men spending nearly twice the amount women intend to spend. The average man will spend $135.35, while women only expect to spend $72.28.
“While some may view Valentine’s Day as a cliché, many still look forward to giving significant others, friends, family and even pets something special,” said Tracy Mullin, NRF President and CEO. “Rather than not give anything at all, consumers will instead focus on small, thoughtful gifts for the people who mean the most to them this year.”
The poll of 9,578 consumers was conducted from January 5-13, 2010 and was designed to gauge consumer behavior and shopping trends related to Valentine's Day.