The National Retail Federation last month estimated that Americans would spend a record amount of money for Super Bowl-related items.
Now, the NRF is also saying the same of Valentine’s Day spending, an indication of a recovery economy, the NRF said in a news release.
The Valentine’s Day Consumer Intentions and Actions survey showed that the average person celebrating the holiday would spend $126, up 8.5 percent from last year. Total spending is expected to reach $17.6 billion, the highest 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,” NRF President and CEO Matthew Shay said in a news release.
And who do you think will spend more, men or women?
According the survey, men will shell out nearly $169 on clothing, jewelry, greeting cards and more. Women are expected to spend about half that. Sorry guys.
Valentine’s Day isn’t just for spouses and significant others, the survey found. Children, pets and friends are also expected to be shown some love.
Of those surveyed:
- 19 percent will buy jewelry (for a total of $4.1 billion, up from $3.5 billion last year)
- 13 percent will buy gift cards (for a total of $1.1 billion)
- 51 percent will buy candy (for a total of $1.5 billion)
- 36 percent will buy flowers (for a total of $1.8 billion)
- 36 percent will treat someone to a nice evening out (for a total of $3.5 billion)
Are you planning to dig a little deeper into your wallet this year for Valentine’s Day, or, have you thought of a creative, inexpensive idea to show your love?