The jewelry business looks like it will continue its hot streak, at least as far as surveys go.
One in five consumers—21.1 percent—plan to purchase jewelry on Valentine’s Day and will spend $4.8 billion, according to the National Retail Federation. That is the highest number the group has seen in its five years of Valentine’s surveys.
Overall spending for Feb. 14 will hit $18.9 billion, also a record for the survey. Survey respondents plan to spend $142 on Valentine’s Day gifts, up from $133.91 last year.
Despite the good numbers for jewelry, most consumers (53.2 percent) plan to buy candy, flowers (37.8 percent), and a special night out (35.1 percent).
In one of the more surprising numbers, while an overwhelming majority (91 percent) are buying Valentine’s Day gifts for their significant others, a record one in five respondents (21.2 percent) said they plan to buy Valentine’s Day gifts for their pets. A greater number—58.7 percent—said they plan to buy gifts for family members.