Consumers are expected to shell out a few more dollars for their sweetheart this year for Valentine's Day, according to a report from the National Retail Federation.
The report, which breaks down expectations on gifts, sales, and who will be receiving the gifts, state the average consumer is expected to spend $130.97 on candy, cards, gifts and more. Last year, consumers spent $126.03. The estimates are derived from BIGinsight.com, a consumer-centric information portal providing the latest insights using fresh data from multiple sources.
In their Valentine's Day spending survey, Biginsight also reported that, "More than half (51.0%) of gift givers will buy candy, spending $1.6 billion in total, and another one-third (36.6%) will give flowers, with total spending expected to top $1.9 billion. Others will treat their special someone to jewelry (19.7%), spending more than $4.4 billion on diamonds, gold and silver. An additional 15.6 percent will buy clothing, spending more than $1.6 billion. Gift cards, the gift that keeps on giving, will also be on the top of shoppers’ lists; 15.0 percent of gift givers will buy gift cards for their loved ones, totaling to $1.5 billion."
Another factor to consider in this year's Valentine's Day spending is the unemployment rate. As of January 2013, the rate was 7.9 percent. Bureau of Labor statistics indicated it has been near that rate since September 2012. However, it is down from the 8.3 percent Americans faced last year at this time. With a few more people back to work, that will equate to more people being able to stretch a dollar a little further for their special someone.
Even though statistical data shows an expected growth in sales, Consumers are still trying to figure out what to buy. Google Trends indicate the top search items are still "Valentines Day Ideas" and "Valentines Day Gifts".
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