Men spend twice as much as women as reported by BlogNews and the trend has not changed in 20 years.U.S. shoppers expect to spend an average of $126 on their sweethearts and loved ones this year, up 8.5 percent from $17.6 billion last year, according to the National Retail Federation's annual consumer intentions survey. The figure marks the highest level of Valentine's Day purchasing in the survey's 10-year history.
"As one of the biggest gift-giving holidays of the year, it's encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction," said Matthew Shay, president and CEO of the Washington, D.C.-based retail trade group.
Saturday, February 4, 2012
Friday, February 3, 2012
Valentines Day News Update - Spending to Reach 17.6 Billion
spending for Valentine’s Day is expected to reach $17.6 billion with the average person shelling out $126.03, up 8.5 percent over last year’s $116.21, according to the National Retail Federations 2012 Valentine’s Day Consumer Intentions and Actions survey, conducted by BIGinsight. The highest average spend in the survey’s 10-year history.
Consumers will spend the most on jewelry, $4.1 billion, up from $3.5 billion last year, according to the survey. Nearly 19 percent of survey participants said they will buy jewelry this year, up from 17.3 percent last year and the highest percent in the survey’s history.
“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction,” said Matthew Shay, NRF president and CEO. “Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates.”
Consumers will shell out the most on their partners, with the average person planning to spend $74.12 on their spouse or significant other, up from $68.98 last year, according to the survey. In addition, they will spend an average of $25.25 on their children, parents or other family members and $6.92 on friends. Pet owners will spend about $4.52 on their pets.
Consumers will spend the most on jewelry, $4.1 billion, up from $3.5 billion last year, according to the survey. Nearly 19 percent of survey participants said they will buy jewelry this year, up from 17.3 percent last year and the highest percent in the survey’s history.
“As one of the biggest gift-giving holidays of the year, it’s encouraging that consumers are still exhibiting the desire to spend on discretionary gift items, a strong indication our economy continues to move in the right direction,” said Matthew Shay, NRF president and CEO. “Anticipating high foot traffic in the coming weeks, retailers have replenished their inventories and will entice eager shoppers with great deals on everything from special menu items at restaurants to clothing to flowers and, of course, chocolates.”
Consumers will shell out the most on their partners, with the average person planning to spend $74.12 on their spouse or significant other, up from $68.98 last year, according to the survey. In addition, they will spend an average of $25.25 on their children, parents or other family members and $6.92 on friends. Pet owners will spend about $4.52 on their pets.
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