With Valentine's Day falling on a Saturday this year, U.S. retailers could see a slight bump up in consumer spending, according to a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics. Nearly 55 percent of U.S. adults plan on celebrating the February 14 occasion this year, up one percentage point compared with 2013, and the average spending on gifts, cards, jewelry and dining out came to $142.31, with the average for men at $190.53 and the average for women at $96.58.
Of those who celebrate Valentine's Day, 21.1 percent plan to make a jewelry gift purchase, with the average amount expected at $172.38, up $10 from one year ago. However, the survey observed that only 11.9 percent of shoppers expected to visit a jewelry store to make a purchase. Top gift buying destinations included online (25.1 percent), discount stores (35.2 percent) and department stores (36.5 percent). Aside from jewelry, most popular gifts this year were very similar to previous surveys: candy (53.2 percent), greeting cards (51.4 percent), flowers (37.8 percent) and an evening out (35.1 percent).
“It’s encouraging to see consumers show interest in spending on gifts and Valentine’s Day-related merchandise -- a good sign for consumer sentiment as we head into 2015,” said NRF's president and CEO, Matthew Shay. “Hoping to draw in eager shoppers, retailers will offer unique promotions on gifts, meal options at restaurants and even experiences.”
Pam Goodfellow, Prosper's principal analyst, said, “It’s great to see consumers coming out of their shell this year, looking to spend discretionary budgets on those they love once again, though I fully expect many to continue to look for ways to cut costs where they can. While many will splurge, some will still look for simple and affordable ways to show their appreciation for friends and family and celebrate in a way they are most comfortable with.”
The group observed that those of 25 to 34 years of age will outspend other age groups at an average of $213.04, while 35 to 44 year olds will spend an average of $176.21 and 18 to 24 year olds will spend an average of $168.95.
