Positive Valentines Day Spending Trends Continue in 2013
Americans will profess their love this Valentine's Day by digging deeper into their wallets than ever before, new research shows.
The National Retail Federation (NRF) reports that total spending this Valentine's Day is expected to reach $17.6 billion, with the average person shelling out more than $126, up nearly 10 percent from last year and the most ever in the survey's 10-year history.
Consumers will spend the most on their better halves, the data shows, with the average person spending $74 on their spouse or significant other. Additionally, consumers will dole out an average of more than $25 on their children, parents or other family members, nearly $7 on friends and $4.50 on their pets.
Men will do the bulk of the shopping this year, the survey found. The average male is expected to spend $168.74 (nearly twice as much as women) on clothing, jewelry and greeting cards, among other things.
Jewelry is garnering the most attention from Valentine's Day shoppers this year. Total spending on rings, necklaces and other bling is projected to reach $4.1 billion, up from $3.5 billion last year, according to the research.
Evenings out are also a hot commodity, with consumers expected to spend $3.5 billion for special nights out on the town. Shoppers will also spend more than $1 billion on each category including: flowers, candy, clothing and gift cards.
- Though discount stores are expected to see the most traffic, the research found that one-third of shoppers will head to department stores, up from 30 percent last year. Online retailers will also see a nice boost from the business of love, with nearly 20 percent of shoppers spending their money via the Internet.
But while shoppers are spending a tad more on gifts for significant others, friends, family, and pets, they are still keeping close tabs on their wallets. Price and value are on consumers’ minds as they search for last-minute promotions this Valentine’s Day, with 39.6 percent of shoppers shopping at discount stores, according to CBS News.
As shoppers are searching to find the best gift at the best price, they are focusing on spending a little more time to compare products and prices across retailers as well as across devices. The National Retail Federation Survey states that 41 percent of smartphone owners plan to use their mobile devices to shop for gifts, while 47 percent of tablet owners will purchase and research gifts with their tablets.
What are your plans for Valentine’s Day 2013?
Here at birdsong gregory, everyone at our shopper marketing agency has so far steered clear from this saccharine hyper-commercialized spending spree, but that doesn't mean we will return home tonight empty handed.