Where is the love? Valentine's Day spending expected to drop 7.6% this year

Tuesday, February 14, 2017 - 06:45

Where is the love?

Valentine's Day spending is expected to drop 7.6% this year to $18.2 billion from last year's $19.7 billion, according to the latest annual survey form the National Retail Federation and Prosper Insights and Analytics in the United States.

It turns out that 9% fewer people plan on celebrating the occasion.

“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 said.

“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 recognise that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season.”

Once again it looks like department stores will have their hearts broken. They are the favourite shopping destination for Americans purchasing Valentine's day presents. The average spending per person is expected to drop from last year's $146.84 to $136.57. Discount stores are the second choice, while online shopping comes in at third.

The most popular gift item is candy as 49.7% say they are planning on buying sweet treats and another 46.9% are buying a greeting card. The third most popular choice for a gift is an evening out and flowers don't appear on the list until No. 4. Jewellery is the fifth most popular gift, followed by clothing and gift cards.

Jewellery 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 jewellery is estimated to decline to $4.3 billion from $4.4 billion. Valentine's Day is the most popular day to get engaged according to a new study from James Allen, an online diamond retailer.

They found that 43% of millennials say this is their top day to pop the big question. James Allen also found that 93% of women like their engagement rings, but 33% of men say they wished they had bought a nicer ring.

An evening out is the second most popular gift, while flowers comes in third. $3.8 billion is expected to be spent going out for the evening and $2 billion on flowers.

SOURCE: http://www.forbes.com

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