Retail

Record Retail Spending Expected This Valentine’s Day

Record Retail Spending Expected Valentine’s Day

A recent survey showed that retailers are going to get some love on Valentine’s Day, according to reports.

The annual survey by the National Retail Federation (NRF) and Prosper Insights & Analytics reports that Americans are going to spend a record amount of money on Valentine’s Day, even though there’s been a general decrease in how many people celebrate the holiday over the years.

People said they would spend an average of $161.97 on the holiday, which is up 13 percent from last year’s total of $143.56 and also topples the high of $146.84 from 2016. Total spending is estimated at about $20.7 billion, 6 percent higher than last year’s $19.6 billion and also smashing the 2016 record of 19.7 billion.

Men again are predicted to be the biggest spenders at $229.54, which is much higher than women said they would spend ($97.77).

If you separate by age group, people who are between the ages of 35 and 44 are predicted to spend the most at $279.14, and people aged 25-34 will spend $239.07.

Even pets are expected to get in on the spending action, as pet spending is predicted to reach $886 million.

As for the types of gifts, celebrators said they plan to spend the most on jewelry at $3.9 billion, followed by a date night at $3.5 billion, clothing at $2.1 billion, $1.9 billion on flowers, $1.8 billion on candy, $1.3 billion on gift cards and $933 million on greeting cards.

The spending is expected despite the survey’s results showing that only about 51 percent of the population is planning to celebrate the holiday, which is a decrease of 4 percent from last year and the high of 63 percent in 2007. The lowest spending recorded was during the Great Recession in 2009, at $102.50.

When it comes to where people plan to shop, most said they would go to department stores, followed by discount stores, online, specialty stores, florists and small business or jewelry stores, respectively.

The survey asked 7,384 adults aged 18 or older the questions between Jan. 2 and Jan. 9.

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