Valentine’s Day Expected to Generate $4.1 Bln in Jewelry Sales in the U.S.
February 01, 12
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Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year, according to NRF’s 2012 Valentine’s Day Consumer Intentions and Actions survey.
The number of buyers is also on the rise, nearly one of five (18.9%) will buy jewelry, up from 17.3 percent spent last year and the highest percent in the survey’s 10-year history.
Some 10.6 percent of shoppers will buy their gifts at jewelry stores. Though discount stores are expected to see the most traffic (37.0%), one-third of shoppers (33.6%) will head to department stores, up from 30.5 percent last year. Online retailers' business will increase to 19.3 percent of buyers shopping online for gifts this Valentine’s Day, up from 18.1 percent last year.
The average person celebrating the holiday will shell out $126.03, up 8.5 percent over last year’s $116.21 and the highest in the survey’s history. Total spending is expected to reach $17.6 billion.
“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction,” said NRF President and CEO Matthew Shay.
Women will give the most to their partners, with the average person planning to spend $74.12 on their spouse or significant other, up from $68.98 last year.
Half of all celebrants (50.5%) will buy candy, 36.0 percent will buy flowers and 35.6 percent will treat someone to a nice evening out.
Second to jewelry, those with a case of the love bug will spend more than $3.5 billion on a special evening out. Consumers will also spend $1.8 billion on flowers, $1.5 billion on candy, $1.4 billion on clothing and $1.1 billion on gift cards.
Valentine’s Day celebrants are looking to hit their smartphones and tablets once again to research and purchase gifts. According to the survey, more than half of all tablet owners (53.8%) will use their device to research products, compare prices, redeem coupons, look up retailer information or purchase products. Four in 10 (40.4%) smartphone owners will use their mobile device to do the same.