Americans are Spending More This Year on Valentine’s Day
From flowers to candy to a night out on the town, couples plan to pull out all the stops this Valentine's Day and will shower their significant others with gifts. According to the National Retail Federation's Valentine's Day Consumer Spending Survey, the average person will spend more this year than in 2014.
The NRF indicates that consumers will spent approximately $142.31, up from $133.91 last year. Total spending is expected to reach a survey high of $18.9 billion.
"It's encouraging to see consumers show interest in spending on gifts and Valentine's Day-related merchandise, a good sign for consumer sentiment as we head into 2015," National Retail Federation President and CEO Matthew Shay said in a press release. "Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences."
According to the survey, most plan to buy candy for the holiday, 52.3 percent, but one in five, or 21.1 percent, plans to buy jewelry for a total of $4.8 billion. That is the highest amount expected to be spent on jewelry since the NRF began tracking spending on Valentine's gifts in 2010.
Other items couples plan to purchase include flowers, spending a total of $2.1 billion, clothing and gift cards. More than one-third, or 35.1 percent, will spend on plans for a special night out or for an experience. Many plan to purchase items for other family members and children's classmates and teachers.
Pets will certainly not be left behind this Valentine's Day. A record one in five (21.2 percent) will include their animals and plan to spend an average of $5.28, which adds up to $703 million overall.
"This is not far off from what we've seen over the past couple of years. It is definitely a sign that pets are becoming more important for families and other consumers to celebrate with each Valentine's Day," said Kathy Grannis, NRF spokesperson.
Women will be in for quite a treat this Valentine's Day as men will spend nearly double what they do. In fact, men plan to spend an average of $190.53 compared to women who will shell out $96.58.