Valentine’s Day spending is expected to increase slightly this year, according to the National Retail Federation, with the average person planning to spend $130.97, up from $126.03 from 2012.
“Valentine’s Day remains one of the biggest gift-giving holidays of the year, and although consumers will be conscientious with their spending, it’s great to see that millions of Americans are still looking forward to celebrating with their loved ones,” says Matthew Shay, president and chief executive officer, NRF. “Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this Feb. 14.”
Total spending this year is expected to reach $18.6 billion, with consumers buying both traditional and non-traditional gifts. More than half (51.0 percent) of gift givers will buy candy, another one-third (36.6 percent) will give flowers and 19.7 percent will give jewelry, spending more than $4.4 billion on diamonds, gold and silver. Clothing and gift cards top the list of non-traditional gifts with 15.6 percent planning to buy clothes and 15 percent buying gift cards.
Though people plan to spend the most on their significant other ($73.75), 60.6 percent of shoppers plan to show their appreciation for other family members and will spend an average of $26.46. One-quarter (25.2 percent) of celebrants will buy gifts for friends and 13.2 percent say they will buy Valentine’s Day gifts for their co-workers. Two in five (20 percent) Americans plan to buy gifts for their pets this year, with total spending expected to reach $815 million. Finally, the average male will spend significantly more than the average woman this year; men will spend an average of $175.61 on jewelry, flowers, a romantic evening out and more, while their counterparts will spend approximately $88.78.