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Home Β» Blog – The Diamond Blog Β» SURVEY: VALENTINEβS DAY SPENDING SURGES, JEWELRY AMONG 3 TOP GIFTS
MID BLOG
The NRF asked 7,293 consumers on their plans for this Valentineβs Day β the largest survey of this kind done in the US. The responses should make candy makers, restaurant owners and jewelry sellers pretty happy: 54.8% of Americans plan to celebrate the holiday, spending an average of $146.84 on a gift β the highest average spend since the survey was launched in 2010. Total spending on Valentineβs is expected to reach $19.7 billion. According to NRF President and CEO Matthew Shay, the surge in Valentineβs Day spending can be traced to low gas prices and guaranteed promotions from small and large retailers.
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WHAT WILL PEOPLE SPEND THEIR MONEY ON?
Half of consumers plan to buy candy, spending a total of $1.7 billion on sweets. The second most popular βgiftβ (38.3%) is a night out at a restaurant, tickets to a show, a spa or an art lesson. Spending on an experience will hit a record total of $4.5 billion. And finally, almost 20% of Americans plan to spend a total of $4.4 billion on necklaces, earrings and other jewelry items. In addition, $2 billion will be spent on apparel and $1.9 will be spent on flowers.
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WHO WILL AMERICANS BUY GIFTS FOR?
Unsurprisingly,Β 90.8% reported that they will buy gifts for their significant other, spending an average of $89.86. An additional $27.79 will be spent on other family members like children and parents, and smaller sums β between $5 and $7 β will be spent on childrenβs classmates, teachers and colleagues.
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WHERE WILL PEOPLE SHOP FOR GIFTS?
Most responders will buy gifts in department storesΒ (34.5%), and nearly one third will shop at their favorite discount store. Almost 28% will shop online, 19% will visit a specialty store, and 15.4% will shop at a small, local business.