Holy Russell Stover! My friends and family members are lucky (and shocked) if they get a Valentine’s Day card from me. I remember to send Valentines, it seems, about every other year. So it came as a heartfelt surprise to me to discover that the average consumer will spend $119.67 on Valentine’s Day this year, an increase from $100.89 last year. Who are these people, and why haven’t I met one?
Now, you may be saying, “Yes, well, this figure probably represents only a handful of people.” Well, think again. The National Retail Federation’s 2007 Valentine’s Day Consumers Intentions and Actions Survey (conducted by BIGresearch) reveals that 63.4 percent of consumers plan to celebrate Hearts and Flowers Day, with total Valentine’s Day spending this year hitting $16.90 billion.
The Valentine’s Day big spenders are mostly men, according to the survey, and apparently they live on the same planet as I do, but I swear I’ve never known a man to spend $156.22 on Valentine’s Day, which is what the average guy is supposed to spend this year. Of course, neither have I known any women who spent $85.08 on this holiday, but that’s what women say they will spend this year.
This year, most Valentine’s Day buyers will purchase gifts for sweethearts, with the average lovesick person planning to spend $80.29 for their heart’s desire. Getting short shrift will be family members ($25); friends ($4.93); classmates and teachers ($3.35); and co-workers ($2.40).
Tomorrow in Retail Strategies, we’ll take a look at what people will buy as V Day gifts.