Consumers plan to spend about $122.98 on Valentine's Day this year, with gifts of experience and gift cards edging out traditional gifts such as jewelry, the National Retail Federation (NRF) says.
According to the NRF's 2008 Valentine's Day Consumer Intentions and Actions Survey, conducted by Big Research, total spending for the holiday is expected to reach $17.02 billion.
Traditional gifts such as candy, flowers and jewelry will see a slight decrease in popularity this year with more consumers preferring gifts of experience and gift cards. Almost half (48.2 percent) of all consumers surveyed plan to celebrate Valentine's Day with a special night out, compared with 45.3 percent last year, and 12.3 percent will give a gift card, compared with 11.3 percent last year.
Greeting cards still remain the most popular choice, though the number of people planning to purchase one (56.8 percent) is down from last year (62.8 percent).
Nearly 48 percent of consumers polled will buy candy, 35.9 percent will buy flowers and 11.8 percent will buy clothing.
"Consumers are expected to invest time and money on gifts of experience this year, in addition to staple Valentine's Day gifts," Big Research Vice President of Strategy Phil Rist said in a statement released today. "Whether it's a weekend getaway or a night out on the town, consumers are looking for quality rather than quantity."
Six out of 10 consumers plan on celebrating the holiday this year, and of those celebrating, the majority plan on spending the most on their significant other or spouse ($79.99). The survey also found that consumers plan to spend slightly more on friends ($5.75), children's classmates and teachers ($4.05), and co-workers ($3.02) than they did last year.
Men will again dish out the most this year, spending an average of $163.37 on gifts and cards, compared with an average of $84.72 spent by women.
Adults ages 25-34 plan on spending the most this Valentine's Day, with the average person planning to shell out $160.37. Young adults will be the second biggest spenders, with the average 18-24 year old expected to spend $145.59, followed by 45-54 year olds ($117.91), 35-44 year olds ($116.35) and 55-64 year olds ($110.97).
When it comes to real puppy love, 17.2 percent of celebrators also plan to spend on their pets this Valentine's Day. Spending on pets for the holiday is estimated to reach $367 million.
The NRF 2008 Valentine's Day Consumer Intentions and Actions Survey was designed to gauge consumer behavior and shopping trends related to Valentine's Day. The poll of 8,447 consumers was conducted from Jan. 2-8, 2008, and has a margin of error of plus or minus 1 percent.
Source: nationaljewelernetwork
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