The 2013 National Retail Federation's Valentine’s Day spending survey reveals that the average consumer is planning to spend just under $131 on candy, gifts and other goodies related to the love-themed holiday in 2013. Total spending should reach $18.6 billion, which is up a bit from last year, but nowhere near the 8.5 per cent gain in spending between 2011 and 2012.
Consumers look for value
NRF President and CEO Matthew Shay says, “Recognizing their customers will shop for both price and value, retailers and restaurants will offer plenty of promotions for anyone looking to spoil those that mean the most to them this February 14th.”
Consumer Insights Director Pam Goodfellow of BIGinsight, which conducted the poll, reports that frugal consumers will be able to find good deals on Valentine's Day flowers, chocolates and dining. Goodfellow says, “The mantra ‘it’s the thought that counts,’ might be most applicable for holidays like Valentine’s Day, and there’s no question that this year’s budget-conscious gift givers will keep this in mind while out looking for the perfect gift.”
Prices compared electronically
According to the survey, just over 26 per cent of consumers are going online to compare prices and nearly 37 per cent will be looking for Valentine gifts in discount stores. Smartphone and tablets have apps for finding the best deals, and 40.7 per cent will be using their handheld devices to shop for gifts, while just under 46 per cent will be researching gift ideas and making purchases on their iPad or Android tablet.
Valentine's Day spending details
Men will spend much more than women for Valentine's Day this year, at an average of $175.61 on jewelry, flowers, a romantic evening out and other gifts. Women will spend around $89 on their loved ones.
Although the most will be spent on significant others, shoppers will also spend an average of:
- $26.46 on family members other than spouses and significant others
- $8.49 on friends
- $5.12 on coworkers
Not leaving pets out in the cold, 20 per cent of Americans be buying Valentine's Day gifts for pets, and will spend a total of around $815 million.
The NRF 2013 Valentine's Day Consumer Intentions and Actions Survey polled 5,815 consumers between January 2-9, 2013, and has a margin of error of plus or minus 1.3 per centage points.