Fewer Americans Celebrating Valentine’s Day!
Americans
are expected to spend a record amount on Valentine’s Day this year despite a
years-long decrease in the percentage of people celebrating the holiday,
according to the annual survey released by the National Retail Federation (NRF)
and Prosper Insights & Analytics.
“The
vast majority of Valentine’s Day dollars are still spent on significant others,
but there’s a big increase this year in consumers spreading the love to
children, parents, friends and co-workers,” NRF President and CEO Matthew Shay
said. “Those who are participating are spending more than ever and that could
be the result of the strong economy. With employment and income growing,
consumers appear to be expanding the scope of who qualifies for a card or a box
of candy.”
Those
surveyed said they would spend an average $161.96. That’s up 13 percent from
last year’s $143.56 and easily tops the previous record of $146.84 set in 2016.
Total spending is expected to be $20.7 billion, which is an increase of 6
percent over last year’s $19.6 billion and breaks the previous record of $19.7
billion, also set in 2016.
The
spending increases come even though only 51 percent of Americans plan to
celebrate the holiday, down from 55 percent last year and a high of 63 percent
in 2007. It is unclear why the number of consumers celebrating has trended
downward over the past 12 years, but spending, while varying with the economy,
has generally trended up. The lowest spending during the period was $102.50 in 2009
during the Great Recession.
Of
the $18.40 increase in average spending, only $4.26 comes from spending on
spouses and significant others, which is expected to total $93.24. Consumers
said they would spend $29.87 on other family members, up $4.58; $9.78 on
friends, up $2.59; $8.63 on children’s classmates or teachers, up $1.37; $7.78
on co-workers, up $2.99; $6.94 on pets, up $1.44 and $5.72 on others, up $1.17.
As
in each year of the survey, men are the biggest spenders at $229.54, up 20
percent from last year. That’s more than double the $97.77 women said they
would spend, which is down 1 percent, and is within the survey’s margin of
error.
Among
age groups, those 35-44 are the biggest Valentine spenders at $279.14, followed
by those 25-34 at $239.07. Both groups typically have more people to buy for
including children and children’s classmates or teachers.
Gifts
for pets continue to be popular, purchased by 20 percent. Pet spending is
expected to total $886 million, up $519 million since NRF first asked in 2008.
Those
celebrating plan to spend $3.9 billion on jewelry (given by 18 percent), $3.5
billion on an evening out (34 percent), $2.1 billion on clothing (18 percent),
$1.9 billion on flowers (35 percent), $1.8 billion on candy (52 percent), $1.3
billion on gift cards (15 percent) and $933 million on greeting cards (44
percent). Gifts of experience such as tickets to an event or a trip to a spa
are wanted by 40 percent and planned to be given by 25 percent.
Department
stores are the most popular Valentine’s Day shopping destination, visited by 35
percent of shoppers, followed by discount stores (32 percent), online (27
percent), specialty stores (18 percent) florists (16 percent), small or local
businesses (14 percent), jewelry stores and specialty clothing stores (each 9
percent).
Even
among those who don’t plan to celebrate Valentine’s Day as such, 11 percent
plan to treat themselves to gifts like clothing or jewelry and 9 percent plan
to get together with other single friends or family.
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