The average consumer will spend $119.67 on Valentine’s Day, up from $100.89 during the previous year, according to a National Retail Federation survey. With 63.4 percent of consumers planning to celebrate the holiday, total 2007 Valentine’s Day spending is expected to reach $16.9 billion.
According to the 2007 Valentine’s Day Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, the average man is expected to spend $156.22, nearly double the $85.08 that the average woman will spend. Nearly 28 percent of male respondents will be buying jewelry for their loved ones, the fifth highest response. The top gifts men will be giving their sweeties are:
* Flowers, 58.3 percent;
* Cards, 56.7 percent;
* An evening out, 53.1 percent; and
* Candy, 42.9 percent.
Popular gifts among both sexes are:
* Cards 62.8 percent;
* Candy 48.4 percent;
* An evening out, 45.3 percent, and
* Flowers 36.7 percent.
“Men continue to be the primary spenders when it comes to splurging on gifts for Valentine’s Day,” said Tracy Mullin, NRF president and chief executive officer. “With males spending significantly more this year than females, men may be looking at Valentine’s Day as a way to make up for that HD-TV they splurged on for the Super Bowl.”
This year consumers will dedicate the bulk of their Valentine’s Day budget to buying for their sweetheart, with the average person planning to spend $80.29 on their significant other or spouse. While overall spending on the holiday is up, consumers will be spending less on the other people in their lives, including family members ($25.00), friends ($4.93), children’s classmates and teachers ($3.35), and co-workers ($2.40).
Consumers aged 25-34 plan on being the most generous this holiday, spending an average of $164.32, according to the survey. Young adults 18-24 will spend $143.39 this Valentine’s day, up significantly from $81.89 last year. Consumers aged 45-54, who were the big spenders last year, will spend $107.81, down from $128.78 in 2006.