Valentine Spending
You can’t buy love, but that isn’t stopping Americans from spending plenty on jewelry, flowers, candy and dinner this Valentine’s Day, according to the National Retail Federation. U.S. shoppers are expected to spend an average $126 on their sweethearts and loved ones this year, up $8.55 to $17.6 billion from the year ago. The figure marks the highest level of Valentine’s Day purchasing in the survey’s 10-year history. In another record for the decade-old survey, 19% of shoppers plan to buy jewelry for their significant others. Total spending on jewelry is expected to reach $4.1 billion, up from $3.5 billion last year. Half of consumers intend to buy candy and 36% plan to buy flowers and dinner. The average male is expected to spend $168.74 on clothing, jewelry, greeting cards and more this year – nearly twice as much as women, who are expected to spend an average of $85.76. Consumers’ “better halves” 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. Additionally, consumers will spend an average of $25.25 on their children, parents or other family members and $6.92 on friends. Pet owner will spend about $4.52 on their furry friends.
