Valentine’s Spending to Reach $16.90 Billion
According to the National Retail Federation’s (NRF) 2007 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, the average consumer will spend $119.67 on Valentine’s Day, up from $100.89 last year. With 63.4 percent of consumers planning to celebrate the holiday, total 2007 Valentine’s Day spending is expected to reach $16.90 billion.
Men have historically been the big spenders when it comes to Valentine’s Day, and this year is no exception. According to the survey, the average male is expected to spend $156.22, nearly double the $85.08 that the average female will spend. Flowers remain a popular holiday gift, with 58.3 percent of men planning to buy some type of flower (versus 52.3 percent in 2006). Men will also be showering their loved ones with cards (56.7 percent), candy (42.9 percent), an evening out (53.1 percent) and jewelry (27.6 percent).
When it comes to showing that special someone how much you care, both sexes will be hitting the stores for that perfect token of affection. Popular gifts include cards (62.8 percent), candy (48.4 percent) and flowers (36.7 percent). In addition, close to half of consumers (45.3 percent) will treat their loved one to a special evening out.
This year, consumers will dedicate the bulk of their Valentine’s Day budget to buying for their sweethearts, with the average person planning to spend $80.29 on a significant other or spouse. While overall spending on the holiday is up, consumers will be spending less on the other people in their lives, including family members ($25), friends ($4.93), children’s classmates and teachers ($3.35) and co-workers ($2.40).
Consumers aged 25-34 plan on being the most generous this holiday, with the average 25-34 year old spending $164.32. According to the survey, young adults 18-24 will spend $143.39 this Valentine’s day, up significantly from $81.89 last year. In addition, consumers aged 45-54, who were the big spenders last year, will spend $107.81, down from $128.78 in 2006.
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