Love will net a little less for retailers this Valentine’s Day – $20.48 less, to be precise. Consumers will spend only an average of $102.50 on the Big Red Heart holiday this year compared with the $122.98 they spent last year, according to the National Retail Federation’s 2009 Valentine’s Day Consumer Intentions and Actions survey. Total Valentine’s Day spending is expected to reach $14.7 billion this year.
More than one-third (35.7 percent) of Valentine’s shoppers will purchase flowers, just about equal to last year’s 35.9 percent. Then:
- 16 percent will buy jewelry, compared with 16.6 percent in 2008.
- More people this year will send greeting cards than they did last year (58 percent vs. 56.8 percent).
- 47 percent will eat out.
- 10.2 percent will buy clothing.
- 11 percent will give a gift card or gift certificate.
Most lovey-dovey types (90.8 percent) will spend the most ($67.22) on their spouse. About one-fifth of budgets ($20.95) will go toward gifts for children. Shoppers will spend $4.74 on their pals; $3.59 on their children’s classmates and teachers; $1.94 on co-workers; and $2.17 on pets. Now, I’ve got to admit that last one surprised me. I can’t think of a thing my animals would want for Valentine’s Day unless you count that pesky mole in the yard for the dogs or a fish from the aquarium for the cats.
The age group that will spend the most — $119.19 — this year is 35- to 44-year-olds. Next, young adults from 18 to 24 will spend an average $113.68 per person, followed by 45- to 54-year-olds ($108.82); 25- to 34-year-olds ($105.59); and 55-to 64-year-olds ($83.76).
I think I’ll just take care of my Feb. 14 sentiments this way: Happy Valentine’s Day.
The survey was conducted by BIGresearch.