The Bureau of Labor (BoL) Statistics released today the average consumer spending for candy, wine, jewelry and fresh flowers for 2012, giving the edge to sugar and other sweets like candy. Valentine’s day should be in full consumer spending today.
February 14, widely known as Valentine’s Day, marks the occasion when many people give candy and flowers to their loved ones. Others my bake sweet treats or take their significant other out for a night on the town or stay home for a night together. As the economic recovery continues to go in low gear, spending to “non-essentials” continue to be lower on the list of priorities.
Consumers spent an average of $147 on candy and sweets while only averaging $54 for flowers, although flowerss are one of the most popular items sent and received on Valentine’s Day. Consumers also spent an average of $721 dining out in 2012 while spending an additional $32 for full service wine compared to $103 spent for wine at home. Since these are averages over the year, it is apparent that some consumers spent significantly more than others for the averages to be so low for a year long period.
Import prices came up 0.1 percent in January according to the BoL release today, causing things like imported chocolates to be slightly higher than before. Helpful for the economy, export prices went up 0.2 percent month over month. Lower fuel import prices kept the increase in import prices overall below what they could have been.
About the author: Fred Chamberlin was a senior loan officer with Guild Mortgage Company in Oak Harbor. He was in the mortgage origination business for over 20 years and in the lending business for over 30 and authors a number of mortgage related blogs.