Last year on average, shoppers spent $126.03 on Valentine’s Day gifts, according to a survey released Thursday by the National Retail Federation. This year, shoppers are expected to spend $130.97 on gifts, only a slight increase in the amount spent. Even with this minor increase in the amount people plan to spend, total spending is expected to reach $18.6 billion.
The survey found that 51% of gift givers plan to buy candy, 36.6% will buy flowers and 19.7% will buy jewelry. The average man will spend $168.74 this year, women will spend an average of $85.76. Many small businesses look forward to Valentine’s Day as a big shopping day and have set up promotions with heart and romantic themed wares.
“Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this Feb. 14,” said Matthew Shay, president of the NRF, in a statement.
Some stores, after disappointing holiday-sales results, are going all out in an attempt to entice shoppers to open their wallets on February 14th. Jeweler Tiffany & Co has launched a multi-channel Valentine’s Day advertising campaign that includes print, digital and social media.
SOURCE: Crains New York