This year, couples are forecasted to shower their loved ones wtih Valentine's Day gifts. The National Retail Federation conducted their 2011 Valentine's Day Consumer Intentions and Actions Survey, and saw that the average person will spend $116.21 on traditional Valentine's Day gifts this year, a 12.8% increase from $103.00 of last year. Total holiday spending is expected to climb up to $15.7 billion.
"Having surpassed expectation during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy," reports NRF President and CEO Matthew Shay. “Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February.”
"Having surpassed expectation during the holiday season, it seems consumers are not done spending on gifts, which bodes well for the economy," reports NRF President and CEO Matthew Shay. “Jewelry, candy and apparel sales should provide a nice boost for retailers during the typically slower months of January and February.”
While greeting cards remain to be the most popular gift option (52.1%), jewelry is expected to be a huge hit with an expected 17.3% planning on purchasing to buy their loved ones precious and fine jewelry, up from 15.5% last year. Consumers will spend up to $3.5 billion on jewelry this Valentine's Day.
Phil Rist, Executive VP of Strategic Initiatives, BIGresearch, explains: “Though the economy will still be on their minds, Valentine’s Day holds a special place in many Americans hearts. Some may opt for a quiet night out or a home cooked meal to keep costs down, but it seems there are others who are a little more interested in a nice night on the town."
Discount stores will be the most popular shopping place with 36.6%, but department stores (30.5%), speciality stores (19.4%), and online stores (18.1%) are expected to receive some holiday traffic also. Additionally, local florist (16.8%)and jewelry store (9.5%) will garner some visitors.
Adults withing the ages of 25 - 34 will spend an average of $189.97 compared to the $60.22 adults 65 and older will spend.
For more information, go to the National Retail Federation.
* Total extrapolation of U.S. population of adults 18+
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Come by our Golden Treasures store to find the perfect valentine's day jewelry for your loved one.
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