Valentine’s Day spending is expected to drop 7.6% this year to $18.2 billion from last year’s $19.7 billion, Forbes reports.
The data comes from the latest annual survey from the National Retail Federation and Prosper Insights and Analytics, and it also says 9% fewer people plan on celebrating the gift-giving holiday this year.
“Valentine’s Day continues to be a popular gift-giving occasion even if consumers are being more frugal this year,” NRF President and CEO Matthew Shay says. “This is one day of the year when millions find a way to show their loved ones they care regardless of their budget. Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”
Department stores may once again be disappointed by another holiday, as they are the favorite destinations for Americans purchasing Valentine’s Day gifts. Average spending per person is expected to drop to $136.57 this year, down from last year’s $146.84.
The most popular gift item is candy, with 49.7% saying they plan on giving sweets. Another 46.9% are buying a greeting card. Jewelry remains the most expensive gift idea, with 23.6% of people saying that’s where they’ll spend their money, but the total amount spent on jewelry is estimated to decline to $4.3 billion from $4.4 billion.
