Americans will show their special someone how much they care with candy, flowers, jewelry and other gifts on Valentine’s Day.
The National Retail Federation predicts record-high spending of $18.9 billion on this special day of love and friendship, or about $142.31 per average consumer. That’s up from $133.91 last year.
“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise– a good sign for consumer sentiment as we head into 2015,” said NRF president and CEO Matthew Shay. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”
Here are some more highlights from the NRF’s Valentine’s Day Consumer Spending Survey:
Nine in 10 (91%) will treat their spouses or significant others to gifts and/or a night out, spending an average of $87.94, up from $78.09 in 2013.
Most consumers (53.2%) will buy candy, spending a total of $1.7 billion.
One in five plan (21.1%) plan to buy jewelry, spending a total of $4.8 billion.
More than a third (37.8%) will buy flowers, spending a total of $2.1 billion.
More than a third (35.1%) will pay for a special night out, such as a movie or trip to a restaurant, spending a total of $3.6 billion.
The most-visited destinations for gift purchases will be:
- Discount stores (35.2%)
- Department stores (36.5%)
- Specialty stores (19.4%)
- Florists (18.7%)