Americans Will Spend More on Valentine's Day This Year

In spite of the recession, Americans will spend more this year on their Valentine's Day gifts, according to a survey by the International Mass Retail Association. They are expecting to spend an average of $94.50 per household, 12% more than last year ($84.20).

Valentine's gift shoppers will look for good value this year as they did during each holiday last year, with the majority saying that they will do most of their shopping at discount department stores. One-third will do most of their shopping at these mass retail outlets, while just 18% will go to specialty stores and 13% to traditional department stores.

Cards, candy and flowers are the most popular Valentine's gifts this year. Two-thirds of consumers will purchase cards, while 37% will select candy and 32% favor flowers. Gift cards/certificates, stuffed animals, perfume or cologne, jewelry, clothing, dinner out, books, toys and miscellaneous entertainment events follow in that order.

"The expression of love and affection is thriving in America, if Valentine's gift giving is any indication," said IMRA president Robert J. Verdisco. "Americans want to purchase something nice to honor the special people in their lives. Mass retailers are ready to offer them the best value and selection, and this survey shows that consumers recognize this fact. We hope the exchange of gifts on February 14 will provide warmth and solace in these difficult times for our nation." Children also will give Valentine's gifts, according to IMRA's survey. Of those respondents with children, 19% said their children will purchase Valentine's gifts themselves and 68% of parents said they will buy Valentine's for their children to give.

IMRA surveyed 1,000 U.S. consumers the weekend of January 25-27. IMRA has surveyed consumers for several years.

Here are some facts about Valentine's Day retail sales: Consumers spent an estimated $1.05 billion on Valentine's candy in 2001. Sales of Valentine's candy are expected to grow to $1.09 billion in 2002. Valentine's Day is the fourth most popular holiday for candy sales behind Halloween, Easter and Christmas. (Source: National Confectioners Association)

Valentine's Day is the second largest greeting card holiday behind Christmas. Not counting children's packaged valentines for school, an estimated 163 million cards are exchanged. (Source: Hallmark.)

Valentine's Day is the fourth largest occasion for purchases of fresh flowers and plants, behind only Christmas/Hanukkah, Mother's Day and Easter. Valentine's Day sales account for 17% of annual fresh flower and plant retail sales. In terms of cut flower purchases only, Valentine's Day ranks number one, capturing 33% of holiday transactions. Valentine's Day is also the most important holiday for florists. (Source: American Floral Endowment Consumer Tracking Study, June 2000-May 2001.)