NRF: Valentine’s Day Spending to Reach $14.1 Billion

NRF: Valentine’s Day Spending to Reach $14.1 Billion
February 01, 2010

According to NRF’s 2010 Valentine’s Day Consumer Intentions and Actions Survey, which was conducted by BIGresearch and polled 9,578 consumers from Jan. 5-13, 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 on traditional Valentine’s Day merchandise this year, similar to last year’s average of $102.50. Total holiday spending is expected to reach $14.1 billion.

With Americans cutting back on the amount they spend on their significant other, friends and co-workers can expect a little bit more this year. The average person will spend $5.37 on friends, up from $4.74 last year; $4.29 on classmates and teachers, compared to $3.59 last year; and $2.84 on co-workers, slightly up from the $1.94 they spent in 2009. Family pets will also feel the love this year, with the average person spending $3.27 on their pets, up from $2.17 last year. Spending on family members will remain the same ($20.94 versus $20.95 last year). As in previous years, men will spend nearly twice the amount women spend on the holiday. The average man plans to shell out $135.35 to impress the people in his life, while women only expect to spend $72.28.

Personal and practical gifts will resonate with celebrants again this year, as more people will look to sweaters, winter accessories and other clothing options (14.4 percent versus 10.2 percent in 2009) in place of jewelry (15.5 percent versus 16 percent last year) or an evening out (35.6 percent versus 47 percent in 2009.) Traditional gifts such as greeting cards (54.9 percent), candy (47.2 percent) and flowers (35.6 percent) remain popular choices. When it comes to where people will shop, most will head to discount stores (40.9 percent), although department stores (31.1 percent) and specialty stores, such as florists, electronics stores, and greeting cards and gift stores (21.4 percent), will also see a share of holiday foot traffic.