NRF: Valentine’s Day Spending to Come Down
by Christina Lee on January 30th, 2009
Consumers are planning for another low-key Valentine’s Day this year, as they plan to spend an average of $20 less than they did in 2008.
Total spending may also reach up to $14.7 billion this year, compared to $17.02 billion last year, according to the National Retail Federation.
Last year, consumers spent slightly less money on traditional gifts than in years past, opting instead for a night out. But now, with the current economy in mind, these couples simply just want to save, as president and CEO Tracy Mullin realized.
“A bad economy won’t stop Cupid this Valentine’s Day, but it might slow him down,” she said in a statement. “This year more than ever, consumers will look for creative and inexpensive ways to show those they love how much they mean to them.”
But as they plan to spend less, the traditional Valentine’s Day gifts remain the most popular: candy, flowers and jewelry. More people also intend to buy the standard greeting card compared to last year – specifically 58.0 percent, up from 56.8 percent.
For such gifts, consumers plan to spend an average of $102.50, down from last year’s total of $122.98. Consumers ages 35-44 plan to spend the most, $119.19, followed by those ages 18-24, with $113.68.