Consumers in the US plan to spend US$ 4.7 billion this year on jewellery purchases as part of a near record US$ 19.6 billion worth of gifts they will give on Valentine’s Day, according to the results of an annual survey conducted by the National Retail Federation and Prosper Insights & Analytics.
The Survey projects an average estimated spend of US$ 143.56 on gifting for this increasingly popular occasion this year, up from the US$ 136.57 they spent last year, with as many as 55% of consumers confirming their intention to take advantage of the offers and special packages that will be available.
NRF said that the numbers are the second-highest in the survey’s 15-year history, topped only by the record US$ 146.84 and US$ 19.7 billion seen in 2016.
Besides jewellery, consumers plan to spend US$ 3.7 billion on an evening out, US$ 2 billion on flowers, US$ 1.9 billion on clothing, US$ 1.5 billion on gift cards/gift certificates and US$ 894 million on greeting cards. More consumers plan on purchasing candy this year, with 55% (up from 50% last year) saying they will give gifts of candy for a total of US$ 1.8 billion.
As much as US$ 12.1 billion of the total spend will be on a significant other/spouse, with US$ 3.5 billion earmarked for other family members such as children or parents, US$ 991 million for children’s classmates/teachers, US$ 982 million on friends, US$ 751 million on pets and US$ 654 million on co-workers. The age-group 25-34 will be the biggest spenders, with their average spend of US$ 202.76 being well above the national average.
“Americans are looking forward to pampering and indulging their loved ones with flowers, candy, dinner and all of the other Valentine’s Day stops,” NRF President and CEO Matthew Shay said.
“Gifts of experience” such as tickets to a concert or sporting event continue to be popular, sought by 42% of consumers, but only 24% plan to give one, the Survey reports, indicating that many consumers who are not observing the holiday may be treating themselves in some way or getting together with family and friends.
“Valentine’s Day has become a holiday consumers take advantage of not only to spoil their loved ones but themselves,” Prosper Executive Vice President of Strategy Phil Rist said. “Shoppers should look out for deals on everything from candy to date-night dinner packages in the coming days, leaving plenty of options for those looking to make the occasion truly special.”
Department stores continue to be the most popular shopping destinations with 35% of consumers planning to visit one, while discount stores (32%), online (29%), specialty stores (19%), florists (17%), and local small businesses (14%) will be other top locations.
News Source : gjepc.org