According to the National Retail Federation's (NRF) 2012 Valentine’s Day Consumer Intentions and Actions survey, conducted by BIGinsight, the average person celebrating the holiday will spend $126.03, up 8.5 percent over last year’s $116.21 and the highest in the survey’s 10-year history. Total Valentine's Day spending is expected to reach $17.6 billion.
The average consumer will spend $74.12 on their spouse or significant other, up from $68.98 last year. Additionally, consumers will spend an average of $25.25 on their children, parents or other family members and $6.92 on friends. In addition, the average person will spend about $4.52 on their pets.
The survey also found the average male is expected to spend $168.74 on clothing, jewelry, greeting cards and more this year—nearly twice as much as women who are expected to spend an average of $85.76.
More than eight in 10 (18.9 percent) consumers will buy jewelry, up from 17.3 percent last year and the highest percent in the survey’s history. Some will give the gift of choice: 13.3 percent will buy gift cards, up from 12.6 percent last year. Additionally, half of all celebrants (50.5 percent) will buy candy, 36 percent will buy flowers and 35.6 percent will treat someone to a nice evening out.
Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year. Second to jewelry, consumers are expected to spend more than $3.5 billion on a special evening out. Consumers also will spend $1.8 billion on flowers, $1.5 billion on candy, $1.4 billion on clothing and $1.1 billion on gift cards.
Although discount stores are expected to see the most traffic (37 percent), one-third of shoppers (33.6 percent) will head to department stores, up from 30.5 percent last year. Nearly one out of five consumers (19.3 percent) will shop online for gifts this Valentine’s Day, up from 18.1 percent last year. Others will shop at specialty stores (20.2 percent), floral shops (17.8 percent), jewelry stores (10.6 percent) and specialty clothing stores (6.6 percent).