Having a hard time finding a gift for your loved one on Valentine’s? According to a recent survey by the National Retail Federation on Valentine’s Day spending trends, you can’t go wrong by sticking to one of these three classics – candy, a night on the town and of course – a piece of jewelry.
The NRF asked 7,293 consumers on their plans for this Valentine’s Day – 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 – the highest average spend since the survey was launched in 2010. Total spending on Valentine’s is expected to reach $19.7 billion. According to NRF President and CEO Matthew Shay, the surge in Valentine’s Day spending can be traced to low gas prices and guaranteed promotions from small and large retailers.
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 “gift” (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.
WHO WILL AMERICANS BUY GIFTS FOR?
Unsurprisingly, 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 – between $5 and $7 – will be spent on children’s classmates, teachers and colleagues.
WHERE WILL PEOPLE SHOP FOR GIFTS?
Most responders will buy gifts in department stores (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.